Could you solve the questions please? THANK YOU VERY MUCH!!!
Supply and Demand Review Packet 1. For both the supply and demand curves, changing only the price results in a. a shift in the entire curve. h. movement along the curve. c. a surplus or shortage every time. d. less equilibrium. 2. What is the law of Supply? a. When demand goes down, supply demeases. h. Supply shifts to the left due to natural disasters. c. When price increases, quarm'ty supplied decreases. d. When price increases, quantity supplied increases. 3. Which of the following pairs of goods are complements? a. Peanut Butter 8: Jelly b. Shoes 3: Sandals c. Apples 8: Pears d. Chairs & Hats 4. What is the difference between a normal and an inferior good? a. Normal goods are always more commonly purchased than inferior goods. b. When the economy is doing well, demand for inferior goods increases while the demand for normal goods decreases. c. When the economy is doing poorly, demand for inferior goods increases while the demand for normal goods decreases. d. When the economy is doing welL demand for inferior and normal goods increases. 5. When Q5=Qc there is a[n] a. shortage. h. surplus. c. equilibrium. d. economic recession. 6. When Qa>Qc thereisatn) a. shortage. h. surplus. c. equilibrium. d. economic recession. 7. When Qc>Qa thereisam] a. shortage. h. surplus. c. equilibrium. d. economic recession. 8. What is the difference between a change in quantity supplied, and a shift in the supply curve? 9. What is the difference between a change in the quantity demanded, and a shift in the demand curve? 10. What are the determinants that can shift the supply curve? 11. What are the determinants that can shift the demand curve? Directions: For each scenario below, decide whether supply or demand would shift. Then, decide if there's an increase or a decrease, draw the change (labeling Dz or $2), and state the factor (or "determinant") that shifted the curve. Lastly, based on the newly drawn and labeled curve, determine whether the equilibrium price has increased or decreased. 12. A recent hurricane has destroyed many of the buildings in a major city. The city is ready to rebuild. What happens to the market for construction today? Circle One: a. Increase in Supply b. Decrease in Supply Increase in Demand Decrease in Demand Factor Shifting the curve: Circle One: Equilibrium price has increased or decreased13. A major celebrity has recently promoted the use of spinach in your morning smoothie. What happens to the market for spinach today? Circle One: a. Increase in Supply b. Decrease in Supply C. Increase in Demand Decrease in Demand Factor Shifting the curve: Circle One: Equilibrium price has increased or decreased 14. The price of eggs goes down today. What happens to the market for bacon today? Circle One: a. Increase in Supply b. Decrease in Supply C. Increase in Demand Decrease in Demand Factor Shifting the curve: Circle One: Equilibrium price has increased or decreased 15. Fast food chains are replacing human workers with kiosks customers can order from. What happens to the market for fast food today? Circle One: a. Increase in Supply b. Decrease in Supply C. Increase in Demand Decrease in Demand Factor Shifting the curve: Circle One: Equilibrium price has increased or decreased 16. What is price equilibrium? 17. What is a price ceiling? Provide a definition and an example. What is often a negative result of price ceilings? 18. What is a price floor? Provide a definition and an example. What is often a negative result of price floors?30 - Identifying the Equilibrium Price - Label the Demand Curve (D) 25 Label the Supply Curve (S) 20 Label the Equilibrium Price (Market Price) Equilibrium Price 15 What is the Equilibrium Price? 10 What is the Equilibrium Quantity? 10 20 30 40 50 60 70 -Price Floors - When is a price floor commonly used? What is the quantity supplied (QS) at the Price Floors price floor? What is the quantity demanded (QD) at the 6 price floor? Is there a shortage (QS QD) with this price floor? How much? of 10 20 30 40 50 60 70 90 - Price Ceilings - When is a price ceiling commonly used? 75 60 What is the quantity supplied (QS) at the Price Ceilings 45 price ceiling? What is the quantity demanded (QD) at the 30 price ceiling? Is there a shortage (QS QD) with this price ceiling? How much? of 10 20 30 40 50 50 70
