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- Draw the supply and demand graph in equilibrium for a single market. Identify the equilibrium price and quantity. Make sure to label the axis as well as the curves.The introduction of new technology can affect the amount of supply a business will produce. Will it cause the supply curve to increase or decrease?Select and name a market of any well-known product , draw its market diagram, state and name four different factors that might cause changes in equilibrium price and quantity.
- Analyse, using diagrams and with reference to excess demand or excess supply, how changes in the determinants of demand and/or supply result in a new market equilibrium.Why would a shift in supply or demand happen as a result in a market equilibrium with higher prices but lower sales volume?Compare the new demand curve or supply curve by drawing it on the same graph. Find the new equilibrium and compare it with the original one in terms of equilibrium price and quantity and explain your findings.
- The price of a gallon of gasoline has been rising in the last few weeks. Using the model of supply and demand, explain how this could happenIn a graph of supply and demand, the intersection of the supply and demand curves for a good represents the equilibrium price for that good. True FalseWhat might a producer do if consumers stopped purchasing their goods? Provide an example of this occurrence
