Supply and Demand Curves Worksheet
An economics worksheet for Grade 12 students covering the fundamentals of supply and demand curves, market equilibrium, and factors influencing shifts.
Includes
Topics
Supply and Demand Curves
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Read each question carefully and provide your answer in the space provided. For multiple-choice questions, circle the correct option.
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. What happens to the supply curve when the cost of production increases?
The supply curve shifts to the right.
The supply curve shifts to the left.
The supply curve remains unchanged.
Movement along the supply curve occurs.
3. The point where the supply and demand curves intersect is known as .
4. A change in consumer tastes or preferences will cause a in the demand curve.
5. Briefly explain the difference between a change in quantity demanded and a change in demand.
6. List two factors that can cause the supply curve to shift.
7. An increase in the price of a substitute good will cause the demand for the original good to decrease.
True
False
8. Technological advancements typically lead to a leftward shift in the supply curve.
True
False
9. Analyze the graph below and answer the questions that follow.
a) Identify the equilibrium price and quantity on the graph.
b) What would happen if the price were set above the equilibrium price?