Question

Resource x is necessary to the production of good y. if the price of resource x rises, the _____________ curve for good y will shift ____________ resulting in a(n) _____________ in the equilibrium price of y and a(n) ____________ in the equilibrium quantity of y.

a. supply; leftward; increase; increase

b. demand; leftward; decrease; decrease

c. supply; rightward; decrease; increase.

d. demand; rightward; increase; increase

e. supply; leftward; increase; decrease

Answer 1

Resource x is necessary to the production of good y. if the price of resource x rises, the supply curve for good y will shift leftward resulting in a(n) increase in the equilibrium price of y and a(n) decrease in the equilibrium quantity of y.

The answer is E. supply; leftward; increase; decrease. The supply curve is a graphical representation of cost of a good or service and the quantity supplied during that period. The curve can show many different outcomes from changes with the supply of a good or service based on the demand for it.

Answer 2

Answer: c. supply; rightward; decrease; increase.

Step-by-step explanation:

Resource x is necessary to the production of good y. if the price of resource x rises, the ___supply__________ curve for good y will shift ___rightward_________ resulting in a(n) ____decrease_________ in the equilibrium price of y and a(n) _____increase_______ in the equilibrium quantity of y.

c. supply; rightward; decrease; increase.