Supply and Demand quiz

Supply and Demand quiz - _______________. 4. There is an...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
s SUPPLY AND DEMAND QUIZ Name _______________________________ Section _________ Directions: For each question, draw a market in equilibrium, labeling the initial equilibrium price and equilibrium quantity. Then shift the appropriate curve and label the new equilibrium price and equilibrium quantity. Next, fill in the blanks to describe what happened. 1. Subsidies to producers of this good increase: The equilibrium price will _______________ and the equilibrium quantity will _______________. 2. There is an increase in taxes on the production of this good: The equilibrium price will _______________ and the equilibrium quantity will _______________. 3. There is an increase in income and this is an inferior good: The equilibrium price will _______________ and the equilibrium quantity will
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: _______________. 4. There is an increase in the price of a relevant resource used to produce this good: The equilibrium price will _______________ and the equilibrium quantity will _______________. 5. The price of a substitute for this good decreases. The equilibrium price will _______________ and the equilibrium quantity will _______________. 6. What will happen if there is an increase in the number of buyers of this good at the same time that subsidies to producers of this good decrease, and demand and supply shift by equal amounts? The equilibrium price will _______________ and the equilibrium quantity traded will _______________....
View Full Document

Page1 / 2

Supply and Demand quiz - _______________. 4. There is an...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online