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3.1 Demand and Supply Review

Last updated over 2 years ago

11 questions

1

Answer each or both of the following:

If you were famous and people wanted your autograph, what would it look like?

OR

If you needed a personalized logo for your resume, what would it look like?

1

1

1

1

What is this?

1

What part of the graph represents the equilibrium? Qe and Pe?

1

What part of the graph represents the quantity demanded? (Qd)

1

What part of the graph represents the quantity supplied? (Qs)

1

What's the difference between demand versus quantity demanded?

1

On the graph to the left, label the numbered points 1 and 2 as either Qd (Quantity Demanded) or Qs (Quantity Supplied). (Hint: look at which curve is being referened by the dotted line.)

Then place an inequality sign to show which quantity (Qd or Qs) is greater in each situation.

Then, write what should happen in the future if market forces are allowed to work.

1

On the graph to the right, label the numbered points 3 and 4 as either Qd (Quantity Demanded) or Qs (Quantity Supplied). (Hint: look at which curve is being referened by the dotted line.)

Then place an inequality sign to show which quantity (Qd or Qs) is greater in each situation.

Then, write down a possible real world example of this situation occuring.