Effects of Shifts in Demand and Supply on Equilibrium
Economics ⇒ Markets and Price Determination
Effects of Shifts in Demand and Supply on Equilibrium starts at 11 and continues till grade 12.
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See sample questions for grade 11
A festival increases the demand for sweets, but the supply remains unchanged. What will happen to the equilibrium price and quantity?
A sudden increase in the price of petrol leads to a decrease in demand for cars. What is the likely effect on the equilibrium price of cars?
Describe the effect on equilibrium price and quantity if supply increases more than demand increases.
Describe what is meant by 'excess demand' and its effect on equilibrium.
A festival increases the demand for sweets, but the supply remains unchanged. What will happen to the equilibrium price and quantity?
A government subsidy increases the supply of wheat. What is the likely effect on equilibrium price and quantity? (1) Price rises, quantity falls (2) Price falls, quantity rises (3) Both price and quantity rise (4) Both price and quantity fall
A new health study increases the popularity of apples. At the same time, a drought reduces apple harvests. What is the likely effect on equilibrium price? (1) Increases (2) Decreases (3) Remains unchanged (4) Cannot be determined without more information
A new technology reduces the cost of producing mobile phones, increasing their supply. If demand remains unchanged, what happens to equilibrium price? (1) Increases (2) Decreases (3) Remains unchanged (4) Doubles
A government subsidy increases the supply of wheat. What is the likely effect on equilibrium price and quantity? (1) Price rises, quantity falls (2) Price falls, quantity rises (3) Both price and quantity rise (4) Both price and quantity fall
A new health study increases the popularity of apples. At the same time, a drought reduces apple harvests. What is the likely effect on equilibrium price? (1) Increases (2) Decreases (3) Remains unchanged (4) Cannot be determined without more information
A new technology reduces the cost of producing mobile phones, increasing their supply. If demand remains unchanged, what happens to equilibrium price? (1) Increases (2) Decreases (3) Remains unchanged (4) Doubles
If the supply curve shifts left and the demand curve shifts right, what happens to the equilibrium price? (1) Increases (2) Decreases (3) Remains unchanged (4) Cannot be determined
Fill in the blank: When both demand and supply curves shift to the right, the equilibrium quantity will _______.
Fill in the blank: When both demand and supply decrease, the equilibrium quantity will _______.
Fill in the blank: When both demand and supply increase by the same proportion, the equilibrium price will _______.
Fill in the blank: When demand decreases and supply increases, the equilibrium price will _______.
State whether the following statement is true or false: An increase in supply with no change in demand will lower the equilibrium price.
True or False: A decrease in demand and a decrease in supply will always decrease the equilibrium price.
True or False: A leftward shift in the demand curve always leads to a lower equilibrium price.
True or False: A rightward shift in the supply curve always leads to a higher equilibrium quantity.
