Supply and Demand Lesson 4

Draw

Draw the Law of Demand

Label Demand (D) and Price ($)

Multiple Choice

Why is it important in agriculture to set price floors above equilibrium price?

Equilibrium price- the price where quantity supplied and quantity demanded are the same.

• It keeps the market for bushels of corn competitive

• it allows for lower prices on bushels of corn

• it creates a surplus of bushels of corn

• it stops producers from charging too little

Multiple Choice

Why do Republicans support limiting the minimum wage?

• Pro-Business, fiscally (financially) conservative

• Support from labor unions

• Christian Fundamentalism

• Support for freedom of speech

Multiple Choice

Why do Democrats support raising the minimum wage?

• Pro-Business, fiscally (financially) conservative

• Support from labor unions

• Christian Fundamentalism

• Support for freedom of speech

Open Ended

Should minimum wage laws be changed? Why?

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