Understanding Supply and Demand Name Below is the demand schedule for jelly-filled Below is the supply schedule for jelly-filled doughnuts people are willing and able to buy doughnuts producers are willing to sell at at various prices. various prices a given period of time. DEMAND SCHEDULE 1 SUPPLY SCHEDULE 1 Price Per Doughnut Quantity Demanded Price Per Doughnut Quantity Supplied $.60 100 $.60 300 50 150 .50 250 40 200 40 T 200 30 250 .30 150 20 300 20 100 Study these two schedules and answer the questions below. Circle the correct answer 1. As prices decrease, what happens to the quantity demanded? Increase / Decrease 2. As prices increase, what happens to the quantity demanded? Increase / Decrease 3. As prices decrease, what happens to the quantity supplied? Increase / Decrease 4. As prices increase, what happens to the quantity supplied? Increase / Decrease 5. At what price will the quantity people are willing to buy (quantity demanded) be equal to the quantity that producers are willing to sell (quantity supplied)? 6. The price where quantity demanded meets quantity supplied is called 7. Graph the supply and demand for jelly-filled doughnuts. A. Label Qty. Demanded = d B. Label Qty. Supplied = s C. Correctly label y and x axis