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Question

Explain whether each of the following events, a. through d. represent (1) a shift in the supply curve

or a movement along the supply curve and WHY. (Draw graphs to help visualize your answers.)

a. Lobster companies produce more lobsters. In the process, they raise the selling price of lobsters. 

b. There is a technological advancement for mixing and freezing ice cream lowers manufacturers' costs of producing chocolate ice cream.

c. There is a $1 per unit tax being placed on the horseshoe producers to produce horseshoes. 

d. During a recession, car producers had to cut production and lower prices of cars because car sales had fallen.

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