8. On a graph with price on the vertical axis and quantity on the horizontal axis, briefly explain what an upward sloped supply curve represents to you. 9. Provide any one reason that would cause the demand curve to shift to the left. Below see the attached supply and demand curves for pizza for questions 10 to 13. 10. If the market price for pizza was $4 per slice would the market be in surplus, shortage or equilibrium? 11. If the cost of cheese that is used for the pizza should increase what would happen to the equilibrium price of pizza? 12. If the current market price of pizza was $4 according to the attached graph, you would expect future prices of pizza slices to move in which direction? (Up, down, remain the same, or cannot be determined) 13. If the market price of pizza is $2, the equilibrium price of pizza is $3 and the government has a price floor of $1 then what would the price of pizza be in the market?

rice of Pizza Supply /slice) $3 equilibrium Deman 8 Quantity of Pizza (slices)