Supply and Demand Shifting Practice

Supply and Demand Shifting Practice

by CHAD FULK

Multiple Choice

A drought destroys much of the crop. (wheat)

• Supply shifts left

• Supply shifts right

• Demand shifts left

• Demand shifts right

Multiple Choice

Environmentalists urge consumers to boycott redwood products. (Redwood lumber)

• Supply shifts left

• Supply shifts right

• Demand shifts left

• Demand shifts right

Multiple Choice

The price of margarine, a butter substitute, goes up. (butter)

• Supply shifts left

• Supply shifts right

• Demand shifts left

• Demand shifts right

Multiple Choice

The price of wood pulp, which is used to make paper, rises. (paper)

• Supply shifts left

• Supply shifts right

• Demand shifts left

• Demand shifts right

Multiple Choice

JLo confides to People Magazine that “she gets a big kick out of her hula hoop” (hula hoops)

• Supply shifts left

• Supply shifts right

• Demand shifts left

• Demand shifts right

Multiple Choice

The average price of stocks will fall by over 20% between now and the end of the year. (yachts)

• Supply shifts left

• Supply shifts right

• Demand shifts left

• Demand shifts right

Multiple Choice

Large SUVs, like Suburbans and Expeditions, become more popular. (gasoline)

• Supply shifts left

• Supply shifts right

• Demand shifts left

• Demand shifts right

Multiple Choice

Heavy rain is in the forecast (umbrellas)

• Supply shifts left

• Supply shifts right

• Demand shifts left

• Demand shifts right

Multiple Choice

E. Coli bacteria is found in another meat plant. (Tofu)

• Supply shifts left

• Supply shifts right

• Demand shifts left

• Demand shifts right

Multiple Choice

Two oil supertankers collide (gasoline)

• Supply shifts left

• Supply shifts right

• Demand shifts left

• Demand shifts right

Multiple Choice

There is an early frost which destroys much of the orange crops (oranges)

• Supply shifts left

• Supply shifts right

• Demand shifts left

• Demand shifts right

Multiple Choice

A new pesticide is developed which controls tent caterpillars, which eat apples. (apples)

• Supply shifts left

• Supply shifts right

• Demand shifts left

• Demand shifts right

Multiple Choice

Scientists find the cure for Covid-19 (hospital beds)

• Supply shifts left

• Supply shifts right

• Demand shifts left

• Demand shifts right

Multiple Choice

A 7.9 earthquake hits San Francisco (cement)

• Supply shifts left

• Supply shifts right

• Demand shifts left

• Demand shifts right