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ILTS Economics (109) Practice Tests & Test Prep by Exam Edge

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ILTS Social Science Economics Sample Test

1 of 5

Which of the following best describes what is depicted in the supply and demand graph above?

Correct Answer:

a decrease in price and an increase in quantity.

the supply and demand graph is a fundamental tool in economics that illustrates the relationship between the price of a good or service and the quantity of that good or service that both producers are willing to supply and consumers are willing to purchase. the graph typically includes two curves: the supply curve, indicating the quantities that producers will sell at different prices, and the demand curve, showing the quantities that consumers will buy at different prices.

in the scenario described, the supply curve shifts outward or to the right. this shift indicates an increase in supply, meaning that producers are willing and able to sell more of the good at each price level. this could be due to a variety of factors, such as improvements in technology, a decrease in the cost of production, or an increase in the number of sellers in the market.

when the supply curve shifts to the right, the new supply curve intersects the demand curve at a new point. this new point of intersection represents the new equilibrium—the price and quantity at which the market clears, meaning where the quantity supplied equals the quantity demanded. the outward shift in the supply curve generally leads to a lower equilibrium price, as the increased supply puts downward pressure on prices. meanwhile, the equilibrium quantity increases because more of the good is available at a lower price, which encourages more consumers to buy.

thus, the correct observation based on the graph would be that there is a decrease in price and an increase in quantity. this outcome aligns with basic economic principles of supply and demand, where an increase in supply, if not accompanied by a corresponding increase in demand, results in a lower price and higher quantity sold. hence, the description that an outward or right shift in the supply reduces the equilibrium price but increases the quantity is an accurate reflection of how market dynamics adjust to changes in supply.