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Economic Equilibrium Shifts: Examples and Impacts

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Explore how price changes affect supply and demand in various scenarios like natural disasters, legislative decisions, and workforce negotiations with this guide on equilibrium shifts.

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Economic Equilibrium Shifts: Examples and Impacts

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  1. Equilibrium: Curve Shift Practice S1 P S2 P1 P2 D Q1 Q2 Q

  2. 1. The price of lumber goes down. The Demand for paint goes _______ P S P1 D Q1 Q EP goes _____ EQ goes _____

  3. 1. The price of lumber goes down. The Demand for paint goes UP P S P2 P1 D2 D1 Q1 Q2 Q EP goes UP EQ goes UP

  4. 2. The Price of gasoline goes up. The demand for tires goes ______ P S P1 D Q1 Q EP goes _____ EQ goes _____

  5. 2. The Price of gasoline goes up. The demand for tires goes DOWN P S P1 P2 D1 D2 Q2 Q1 Q EP goes DOWN EQ goes DOWN

  6. 3. Drought hits Florida. The supply for oranges goes ______ P S P1 D Q1 Q EP goes _____ EQ goes _____

  7. 3. Drought hits Florida. The supply for oranges goes DOWN S2 P S1 P2 P1 D Q2 Q1 Q EP goes UP EQ goes DOWN

  8. 4. Congress approves drilling for oil in Alaska. The supply for oil goes______ P S P1 D Q1 Q EP goes _____ EQ goes _____

  9. 4. Congress approves drilling for oil in Alaska. The supply for oil goesUP S1 P S2 P1 P2 D Q1 Q2 Q EP goes DOWN EQ goes UP

  10. 5. The steel workers union negotiates higherwages. (Supply or Demand?) for automobiles goes ______ P S P1 D Q1 Q EP goes _____ EQ goes _____

  11. 5. The steel workers union negotiates higherwages. (Supply or Demand?) for automobiles goes DOWN S2 P P S1 P2 P1 D Q2 Q1 Q Q EP goes UP EQ goes DOWN

  12. 6. The population in Westfield goes up by a significant 15 % in a short time. (Supply or Demand?) for groceries in Westfield goes ______ S P P1 D Q1 Q EP goes _____ EQ goes _____

  13. 6. The population in Westfield goes up by a significant 15 % in a short time. (Supply or Demand?) for groceries in Westfield goes UP S P P2 P1 D2 D1 Q1 Q2 Q EP goes UP EQ goes UP

  14. 7. The price of Crude Oil goes up. (Supply or Demand?) for gasoline goes ______ P S P1 D Q1 Q EP goes _____ EQ goes _____

  15. 7. The price of Crude Oil goes up. (Supply or Demand?) for gasoline goes DOWN S2 P P S1 P2 P1 D Q2 Q1 Q EP goes UP EQ goes DOWN

  16. 8. Congress passes a law requiring the use of Ethanol (corn-based fuel). (Supply or Demand?) for corn goes ______ P S P1 D Q1 Q EP goes _____ EQ goes _____

  17. 8. Congress passes a law requiring the use of Ethanol (corn-based fuel). (Supply or Demand?) for corn goes UP P S P2 P1 D2 D1 Q1 Q2 Q EP goes UP EQ goes UP

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