Match each term with the correct part of the graph. Demand curve: Supply curve: Equilibrium point:
✔ ABC
AB✔ C
This graph shows the equilibrium point at which price?
"A" represents the new quantity demanded, while "B" represents the new quantity supplied. What is the result of these changes? Based on this graph, what will prices most likely do?
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What change is taking place on this graph?
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Which change is illustrated by the shift taking place on this graph?
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What would tortilla manufacturers have needed to do in order to make the same profit?
Which factor affecting demand does this scenario illustrate?
Supply and demand are powerful forces in a free market.In four to five sentences, explain some of the factors that cause shifts in supply and demand and what the effects of these shifts are.
Supply shifts when factors such as production costs, technology, or the availability of labor and resources change. Demand shifts when consumers’ incomes, tastes, expectations, or the number of buyers change. An increase in supply usually lowers the equilibrium price and increases the quantity sold, while a decrease in supply usually raises the price and lowers the quantity. An increase in demand usually raises both the equilibrium price and quantity, while a decrease in demand usually lowers both.
Supply and demand are powerful forces in a free market.In four to five sentences, explain some of the factors that cause shifts in supply and demand and what the effects of these shifts are.
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