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QUESTION 8 Adam runs a company that produces both traditional pianos and electric keyboards. He allocates his limited resources to manufacture either type of instrument depending on demand. Later this year, Adam expects the demand and price for traditional pianos to rise. Select the item from the list provided to make the following statements true. Adam's expectation would see his current supply of electric 1. Upward movement along the supply curve keyboards 2. Changes in technology 3. Tax If the price of traditional pianos does rise as expected, and Adam 4. Increase in quantity supplied shifts more of his production resources towards making traditional pianos, in what direction would the supply of traditional pianos 5. Decrease in the quantity supplied move? 6. Shift left 7. Subsidy If Adam developed a technology that allowed him to reduce the cost of manufacturing electric keyboards by half, then what will 8. Increase in the number of suppliers happen to the quantity supplied of his electric keyboards 9. Deflate (ceteris paribus)? 10. Shift right 11. Remained unchanged