Supply and Demand Curves Worksheet
Explore the fundamental economic principles of supply and demand curves, including factors influencing them and their impact on market equilibrium.
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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 the provided diagrams and your knowledge of economics.
The graph below illustrates a basic supply and demand model. Use it to answer the following questions.
1. What does the upward-sloping curve in the graph represent?
Demand curve
Supply curve
Equilibrium price
Quantity demanded
2. What happens to the quantity demanded as the price of a good increases?
It increases
It decreases
It stays the same
It becomes elastic
3. The point where the supply and demand curves intersect is known as the .
4. A shift to the right in the demand curve indicates an in demand.
5. Improved technology in production would cause the supply curve to shift to the .
6. Explain the Law of Demand in your own words.
7. Describe one factor that could cause a shift in the supply curve, and explain how it affects supply.
8. An increase in consumer income will always lead to a decrease in demand for all goods.
True
False
9. If the price of a substitute good decreases, the demand for the original good will likely decrease.
True
False
Use the words below to complete the sentences.
10. When quantity supplied is greater than quantity demanded, a exists.
11. The fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources is called .