Supply and Demand Curves Worksheet
An 11th-grade social studies worksheet covering the fundamentals of supply and demand curves, market equilibrium, and factors influencing shifts in these curves.
Includes
Topics
Supply and Demand Curves
Name:
Date:
Score:
Read each question carefully and provide your best answer. For multiple-choice questions, circle the correct option. For fill-in-the-blank questions, write your answer on the line provided. For short-answer questions, use the space provided.
1. Which of the following best describes the Law of Demand?
As price increases, quantity demanded increases.
As price decreases, quantity demanded decreases.
As price increases, quantity demanded decreases.
Price and quantity demanded are unrelated.
2. A decrease in the cost of production for a good will typically lead to:
A rightward shift in the supply curve.
A leftward shift in the supply curve.
A movement along the supply curve.
A shift in the demand curve.
3. The point where the quantity demanded equals the quantity supplied is known as .
4. A change in consumer income will cause a shift in the curve.
5. Explain the difference between a change in quantity demanded and a change in demand.
6. An increase in the price of a substitute good will cause the demand curve for the original good to shift to the left.
True
False
7. The law of supply states that as price increases, the quantity supplied decreases.
True
False
8. Analyze the following hypothetical supply and demand graph for smartphones and answer the questions below.
a) Identify the equilibrium price and quantity based on the graph.
b) If a new technology significantly reduces the cost of producing smartphones, how would this affect the supply and demand graph? Describe the shift and the new equilibrium.