Supply and Demand: Microeconomics

Name: Date: Period: Directions: Illustrate each of the following situations and write what happened to Price Equilibrium (Increase, Decrease or Indeterminate?) and Quantity Equilibrium (Increase, Decrease or Indeterminate?). As necessary, label S1, $2, DI, D2, Peql, Peq2, Qeq1, Qeq2 and uses arrows to show shifts. 1) Supply: No Change 2) Supply: Decrease Demand: Increase Demand: No Change Price X X Quantity Quantity 3) Supply: Increase 4) Supply: No Change Demand: No Change Demand: Decrease Price X X Quantity Quantity 5) Supply: Increase 6) Supply: Increase Demand: Increase Demand: Decrease Price X X Quantity Quantity 7) Supply: Decrease 8) Supply: Decrease Demand: Decrease Demand: Increase Price X X Quantity Quantity