Shifting Demand and Supply- Macro Topic 1.6 (Micro Topic 2.7)

Mr. Clifford introduces the concept of shifting demand and supply, explaining equilibrium and the effects of price changes. He uses a scene from Frozen to illustrate demand shifts and provides practice scenarios for understanding supply and demand shifts. The video emphasizes the importance of understanding these concepts for both academic and real-life applications.

What happens to the quantity supplied and demanded when the price increases?

• Quantity supplied decreases, quantity demanded increases

• Both quantity supplied and demanded decrease

• Quantity supplied increases, quantity demanded decreases

• Both quantity supplied and demanded increase

In the Frozen example, what causes the demand for sun balm to decrease?

• An increase in supply

• A change in consumer preferences due to seasonal change

• A decrease in production costs

• An increase in the price of sun balm

What is the effect of new grilling technology on the supply of hamburgers?

• It increases demand

• It decreases demand

• It increases supply

• It decreases supply

How does an increase in the price of chicken sandwiches affect the demand for hamburgers?

• It decreases the supply of hamburgers

• It decreases the demand for hamburgers

• It increases the demand for hamburgers

• It has no effect on the demand for hamburgers

What happens to the supply curve when the price of a key resource like ground beef increases?

• The demand curve shifts to the left

• The supply curve shifts to the left

• The demand curve shifts to the right

• The supply curve shifts to the right