Supply and Demand Analysis
Grade 12 Economics worksheet focusing on the principles of supply and demand, market equilibrium, and factors influencing shifts in curves.
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Supply and Demand Analysis
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Read each question carefully and provide thoughtful, detailed answers based on your understanding of economic principles. For questions involving graphs, refer to the provided diagrams or sketch your own if necessary.
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 has no effect on quantity demanded.
2. An increase in the price of a substitute good will likely cause the demand curve for the original good to:
Shift to the left.
Shift to the right.
Move along the curve.
Become steeper.
3. The point where the quantity demanded equals the quantity supplied is known as market .
4. A tax on producers will generally cause the supply curve to shift .
5. Explain the difference between a change in quantity demanded and a change in demand. Provide an example for each.
6. An improvement in technology will typically lead to a decrease in supply.
True
False
7. Analyze the following supply and demand graph. Identify the equilibrium price and quantity. If the price were set at $8, what would be the result (surplus or shortage) and by how much?
Use the words below to complete the sentences.
8. When income increases, the demand for a(n) good decreases.
9. Goods that are consumed together are called goods.
10. Discuss at least three factors that can cause a shift in the supply curve, and explain how each factor affects supply.