Question: This exercise is designed to help reinforce the student's understanding of the topic of shifts in equilibrium This exercise can be used in conjunction with
This exercise is designed to help reinforce the student's understanding of the topic of shifts in equilibrium
This exercise can be used in conjunction with any economics textbook that addresses this topic.
NOTE: As you are working through each scenario in this exercise make sure that you label all parts of your
diagrams to avoid mistakes. This exercise should be done using a ruler if necessary so that your lines
are accurate and pencil and eraser so that you can make changes if you make a mistake.
Do not use pen!
Use the diagram to the right to illustrate your answer.
Using the graph show simultaneous changes in
supply and demand by using a LARGE increase in
supply and a SMALL increase in demand.
A Describe what happens to the price?
Answer
B Describe what happens to the quantity?
Answer:
Jse the diagram to the right to illustrate your answer.
Using the graph show simultaneous changes in
supply and demand, with a SMALL increase in
supply and a LARGE increase in demand.
A Describe what happens to the price?
Answer
B Describe what happens to the quantity?
Answer:
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