Supply, Demand, Equilibrium & Market Changes — Drills · Grade 12 Social Studies
Chapter: Economic Foundations & Market DecisionsWhat these drills covers
By the end of Supply, Demand, Equilibrium & Market Changes you should be able to:
- I can read a schedule with price and quantity.
- I can explain a civic or economic mechanism using evidence, assumptions, and a qualified conclusion.
4 questions, written answer, each with a worked explanation.
Vocabulary used: demand, supply, equilibrium, shortage, curve shift.
Problem 1
Answer and explanation
Quantity demanded is 60 units and supplied is 20, so demand exceeds supply by 40 units per week at that price. It does not mean 40 additional units already exist or establish how an actual market would allocate the available 20.
Problem 2
Answer and explanation
Equilibrium equates market quantities under defined conditions. Demand includes purchasing capacity, so needs without that capacity may not appear as purchases. Distribution, access, and other effects require additional evidence and criteria.
Problem 3
Answer and explanation
Quantities change at every given price while the supply schedule is unchanged. A movement along the original demand curve would follow a change in the product’s own price under its held-constant conditions.
Problem 4
Answer and explanation
Investigate allocation, enforcement, contracts, later supply responses, quality, and other provision. The numerical gap describes plans at a price under assumptions; it does not establish every real consequence or one automatic policy judgment.