Supply and Demand Curves Worksheet
Explore the fundamental concepts of supply and demand, including their curves, determinants, and equilibrium in a market.
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Supply and Demand Curves
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Read each question carefully and answer to the best of your ability. Refer to your notes or textbook if needed.
1. Which of the following best describes the Law of Demand?
As price increases, quantity supplied increases.
As price increases, quantity demanded decreases.
As income increases, quantity demanded increases.
As technology improves, quantity supplied increases.
2. What happens to the demand curve for a normal good when consumer income increases?
It shifts to the left.
It shifts to the right.
It moves along the curve.
It becomes steeper.
1. A decrease in input prices will cause the supply curve to shift to the left.
True
False
2. Market equilibrium occurs when quantity demanded equals quantity supplied.
True
False
1. The curve illustrates the relationship between the price of a good and the quantity consumers are willing and able to purchase.
2. A surplus occurs when quantity supplied is greater than .
3. The point where the supply and demand curves intersect is known as price and quantity.
1. Explain the difference between a change in quantity demanded and a change in demand. Provide an example for each.
2. List three factors that can cause the supply curve to shift.
Analyze the following graph to answer the questions below.
1. Identify the equilibrium price and quantity on the graph.
2. What would happen if the price were set above the equilibrium price?