Die UCI SOIf TO Screw In a lightbulb, but now many people does it take to eventually produce lightbulbs? Mastering the economic way of thinking means learning to reason in terms of supply and demand. Here are additional questions on which you can practice. Some are harder than others. You should probably begin in each case by sketching a small supply and demand graph. Then ask yourself whether the event described would affect the supply curve or the demand curve, in which direction the curve would move, and what effect that would have on the price and the quantity exchanged. Don't be content merely to conclude that the price will rise or the price will fall. Would you expect a large or a small change in price or in the quantity exchanged? You will usually have to supply some information from your own experience. Keep in mind that the answer will often depend on the length of time you are allowing for adjustments to occur. Are you predict- ing a very short-run effect or are you thinking about the long-run effect