Reading Guide: Section 2 Module 7
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Pre-Reading
What do I already think I know?
What do you think "equilibrium price" is?
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When demand increases and supply does not change what happens to price?
1 point
When demand decreases and supply increases what do you think happens to price?
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Demand & Supply
1. Regarding quantity demanded and quantity supplied...how do YOU (not the book) define equilibrium? *
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2. Why do economists often refer to the equilibrium price as the market clearing price? *
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3. Refer the graph above...how many billions of pounds of cotton will be demanded and supplied at the equilibrium price? *
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4. Explain why people end up paying approximately the same price. *
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5. Why does a surplus (NOT producer surplus), or excess supply, lead to a lower price?
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6. Why does a shortage, or excess demand, lead to a higher price? *
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7. True or false: The market price always moves toward the equilibrium price at which there is neither surplus or shortage. *
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Changes in Supply & Demand
8. When demand increases (shift to the right), what happens to market price and market quantity? *
1 point
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9. When supply decreases (shift to the left), what happens to equilibrium price and equilibrium quantity? *
1 point
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10. With a small increase in demand and a large decrease in supply, what will happen to price and quantity? *
1 point
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11. When demand and supply both increase the same amount, why do we know quantity will change but are unsure about price? *
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WATCH THIS
12. What questions would you like answered in class? *
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