Use the figure shown to answer the question.
Two supply curves

According to each supply curve, what quantities would be produced at $\$ 30$ ?

Choose 1 answer:
(A) \begin{tabular}{ll} $Q_{S}$ on $S_{1}$ & $Q_{S}$ on $S_{2}$ \ \hline $\mathbf{0}$ & 30 \end{tabular}
(B) \begin{tabular}{|ll}
\hline$Q_{S}$ on $S_{1}$ & $Q_{S}$ on $S_{2}$ \
\hline 30 & 30
\end{tabular}
(c) \begin{tabular}{ll} $Q_{S}$ on $S_{1}$ & $Q_{S}$ on $S_{2}$ \ \hline 40 & 0 \end{tabular}
(D) \begin{tabular}{ll} $Q_{S}$ on $S_{1}$ & $Q_{S}$ on $S_{2}$ \ \hline 0 & 0 \end{tabular}
(E) \begin{tabular}{ll|}
\hline$Q_{S}$ on $S_{1}$ & $Q_{S}$ on $S_{2}$ \
\hline 30 & 10
\end{tabular}

Question

Use the figure shown to answer the question.
Two supply curves

According to each supply curve, what quantities would be produced at $\$ 30$ ?

Choose 1 answer:
(A) \begin{tabular}{ll} $Q_{S}$ on $S_{1}$ & $Q_{S}$ on $S_{2}$ \ \hline $\mathbf{0}$ & 30 \end{tabular}
(B) \begin{tabular}{|ll}
\hline$Q_{S}$ on $S_{1}$ & $Q_{S}$ on $S_{2}$ \
\hline 30 & 30
\end{tabular}
(c) \begin{tabular}{ll} $Q_{S}$ on $S_{1}$ & $Q_{S}$ on $S_{2}$ \ \hline 40 & 0 \end{tabular}
(D) \begin{tabular}{ll} $Q_{S}$ on $S_{1}$ & $Q_{S}$ on $S_{2}$ \ \hline 0 & 0 \end{tabular}
(E) \begin{tabular}{ll|}
\hline$Q_{S}$ on $S_{1}$ & $Q_{S}$ on $S_{2}$ \
\hline 30 & 10
\end{tabular}

Accepted Answer

∻Solution∻ ‖ a ⋮ Identify the price level: The price level given in the question is $30. ‖ ‖ b ⋮ Locate the quantity supplied on $S_1$: At $P = 30$, the quantity supplied on $S_1$ can be found by locating the intersection of the price level $30$ with the supply curve $S_1$. According to the graph, this intersection occurs at $Q = 30$. ‖ ‖ c ⋮ Locate the quantity supplied on $S_2$: At $P = 30$, the quantity supplied on $S_2$ can be found by locating the intersection of the price level $30$ with the supply curve $S_2$. According to the graph, this intersection occurs at $Q = 10$. ‖ ∻Answer∻ ⚹ (E) $Q_{S}$ on $S_{1}$ = 30 & $Q_{S}$ on $S_{2}$ = 10 ⚹ ∻Key Concept∻ ⚹ Supply Curve Intersection ⚹ ∻Explanation∻ ⚹ The quantities supplied at a given price level can be determined by finding the intersection points of the price level with the respective supply curves. For $P = 30$, the intersections with $S_1$ and $S_2$ are at $Q = 30$ and $Q = 10$, respectively. ⚹◊What factors might cause the supply curves to shift in this scenario depicted in the graph provided by the student?⍭ Generate me a similar question◊

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