Use the Following to Answer Questions

question 215

Multiple Choice

Use the following to answer questions:
Figure: Supply Shifts
-(Figure: Supply Shifts) In the figure, the initial supply curve is S₁. Producers engage in market speculation with the belief that the price of the good will increase in the near future. This would be represented in the figure by shifting the:

• A) supply curve to S₂, resulting in a lower quantity supplied at each price.
• B) supply curve to S₂, resulting in a higher quantity supplied at each price.
• C) supply curve to S₃, resulting in a lower quantity supplied at each price.
• D) supply curve to S₃, resulting in a higher quantity supplied at each price.

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