The Year 12 IB DP Economics re-cap quick quiz …

This question relates to the supply of fish.

Match each of the following graphs with the change described in the table below.

Price ($) Price ($) GRAPH C Price ($) GRAPH D

Price ($) GRAPH A GRAPH B
S
S
S2 S1 S1 S2
B A
P2 P1
P1 P1

A B
P1 P2

Qs1 Qs2 Quantity Qs2 Qs1 Quantity Q2 Q1 Quantity Q1 Q2 Quantity

Change Graph

Price ($) GRAPH C

S2 S1

P1

i) An increase in the price of boat fuel

Q2 Q1 Quantity

Increase in costs of production for

fishing

ii) New and more accurate fish-finding technology

iii) An increase in the price of fish

iv) The government imposes a quota on catching fish

v) As a result of government regulations, additional safety equipment is

needed on all commercial fishing boats

vi) An increase in workers’ wages

vii) The government provides an export subsidy to fishing operators

viii) The government creates new marine reserves where commercial

fishing was allowed in the past

ix) As a result of over-fishing, fishing stocks become depleted

x) Good weather conditions boost fish numbers

xi) The government imposes a sales tax on fish

xii) The coast-guard warn of an approaching cyclone

xiii) Fishing workers go on strike for better work and pay conditions