basic_supply_and_demand_intro_practice.doc - Understanding...

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Understanding Supply and DemandName ___________________________________Below is the demand schedule for cupcakesBelow is the supply schedule for cupcakespeople are willing and able to buyproducers are willing to sell atat various prices.various prices a given period of time.DEMAND SCHEDULE 1SUPPLY SCHEDULE 1Price Per CupcakeQuantity DemandedPrice Per CupcakeQuantity Supplied$.60100$.60300.50150.50250.40200.40200.30250.30150.20300.20100Study these two schedules and answer the questions below. Circle the correct answer.1.As prices decrease, what happens to the quantity demanded?
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