Reading Guide: Section 2 Module 5
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AP Economics Class Period
Improve your reading and improve your earnings.
What do I already think I know?
When demand for a product increases price is likely to...
Consumers demand goods and firms supply them
Which of the following do you anticipate to cause demand to increase (choose all that apply)?
An increase in the price of related goods
An increase in income
An increase in tastes & preferences
An increase in the number of consumers
Supply & Demand
1. How did the example above show how weather can affect clothing prices?
Supply & Demand: A Competitive Market Model
2. Explain why a competitive market structure would be important to understanding market behavior.
3. Check all of the following that are considered "key elements" in the supply and demand model.
The demand and supply curve
Factors that shift demand
Factors that shift supply
Government intervention and control
The Demand Curve and The Demand Schedule
4. How do you describe the relationship between the price for a pound of cotton and quantity demanded?
5. Describe the difference between the demand curve and the demand schedule.
6. Why do many people say the law of demand is "common sense"?
7. Explain how the demand schedule in 2012 changed in 2013 for cotton.
8. Carefully describe the difference between a change in demand and a change in the QUANTITY demanded.
9. Check all the following that are true regarding DEMAND:
A rightward shift is an increase
A leftward shift is a decrease
an increase in demand is an increase in the quantity demanded at every price
an increase in price is an increase in demand
Shifts in the Demand Curve
10. Look at the five principal factors that shift the demand curve. Which one seems to be the most challenging and why?
11. Explain how when a good has a close substitute and the price increases for one good what happens to the demand for the substitute?
12. Explain how when a good has a complementary good and the price increases for one good what happens to the demand for the complement?
13. When income increases for consumers some products see a decrease in demand while others see an increase. How do you explain that?
14. Describe how a change in tastes or preferences can increase or decrease demand.
15. If I expect my income to decrease in the future, how will demand for products change now?
16. Refer to figure 5.5: How is a market demand curve related to individual demand curves?
17. More consumers means...
A decrease in demand
An increase is demand
A decrease in supply
An increase in supply
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