Question

match each scenario with the correct graph. answers may be used once, more than once or not at all. (6 points)
oh no! there has been an oil spill off the coast of texas due to a hurricane. what happens to the price of gasoline (which is derived from crude oil) as a result?
there is a push by the government and high schools for more students to go to college. what will happen to the price and quantity of a college education (tuition prices)?
as a result of more students going to college, there are not enough new workers entering the plumbing field each year. what happens to the price of plumbers (wages) as a result?
more people are buying alternative fuel and electric cars. what would one expect to happen to the price and quantity of the gasoline that drives traditional cars?
more people have decided to follow a vegan diet, and are drinking almond milk, a cows milk substitute. what happens to the price and quantity of cows milk?
a new fast food chain has opened and is a direct competitor with mcdonalds and burger king. what can we expect to happen in the market for fast food french fries?

Explanation:

Step1: Analyze oil - spill impact on gasoline

An oil - spill reduces the supply of crude oil, which is used to produce gasoline. A decrease in supply shifts the supply curve of gasoline to the left. This leads to an increase in the price of gasoline.

Step2: Analyze government push for college

The government and high - schools' push for more students to go to college increases the demand for college education. An increase in demand shifts the demand curve to the right, increasing both the price (tuition) and the quantity of college education.

Step3: Analyze impact on plumbers' wages

With more students going to college, fewer new workers enter the plumbing field. This reduces the supply of plumbers, shifting the supply curve of plumbers to the left and increasing the price (wages) of plumbers.

Step4: Analyze alternative cars on gasoline

More people buying alternative fuel and electric cars decreases the demand for gasoline for traditional cars. A decrease in demand shifts the demand curve of gasoline to the left, decreasing both the price and the quantity of gasoline.

Step5: Analyze vegan diet on cow's milk

More people following a vegan diet and drinking almond milk (a substitute) decreases the demand for cow's milk. A decrease in demand shifts the demand curve of cow's milk to the left, decreasing both the price and the quantity of cow's milk.

Step6: Analyze new fast - food chain on French fries

A new fast - food chain (a competitor) increases the supply of fast - food French fries in the market. An increase in supply shifts the supply curve to the right, decreasing the price and increasing the quantity of fast - food French fries.

Answer:

1. Oil - spill: Supply curve shifts left (first graph where supply shifts left and price increases)
2. College push: Demand curve shifts right (second graph where demand shifts right and price and quantity increase)
3. Plumbers: Supply curve shifts left (first graph where supply shifts left and price increases)
4. Alternative cars: Demand curve shifts left (fourth graph where demand shifts left and price and quantity decrease)
5. Vegan diet: Demand curve shifts left (fourth graph where demand shifts left and price and quantity decrease)
6. New fast - food chain: Supply curve shifts right (third graph where supply shifts right and price decreases and quantity increases)