ECON 162 - Exam 1 Review (Supply and Demand Curves)

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Last updated 5:57 PM on 9/18/26
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4 Terms

1
New cards

  1. Draw a supply and demand curve where there is an increase in demand

  2. What happens to the price and quantity?

  3. Determine if there is a surplus or shortage. Explain why


  1. price and quantity increase

  2. there is a shortage. This is because the original equilibrium price is below the new equilibrium price


<ol start="2"><li><p>price and quantity increase</p></li><li><p>there is a shortage. This is because the original equilibrium price is below the new equilibrium price</p></li></ol><p></p>
2
New cards

  1. Draw a supply and demand curve where there is a decrease in demand

  2. What happens to the price and quantity?

  3. Determine if there is a surplus or shortage. Explain why


  1. *note the bottom should say Qd, not Qs

  1. price and quantity decrease

  2. there is a surplus. This is because the original equilibrium price is above the new equilibrium price


<ol><li><p>*note the bottom should say Qd, not Qs</p></li></ol><ol start="2"><li><p>price and quantity decrease</p></li><li><p>there is a surplus. This is because the original equilibrium price is above the new equilibrium price</p></li></ol><p></p>
3
New cards

  1. Draw a supply and demand curve where there is an increase in supply

  2. What happens to the price and quantity?

  3. Determine if there is a surplus or shortage. Explain why


  1. price decreases and quantity increases

  2. there is a surplus. This is because the original equilibrium price is above the new equilibrium price


<ol start="2"><li><p>price decreases and quantity increases</p></li><li><p>there is a surplus. This is because the original equilibrium price is above the new equilibrium price</p></li></ol><p></p>
4
New cards

  1. Draw a supply and demand curve where there is a decrease in supply

  2. What happens to the price and quantity?

  3. Determine if there is a surplus or shortage. Explain why


  1. price increases and quantity decreases

  2. there is a shortage. This is because the original equilibrium price is below the new equilibrium price


<ol start="2"><li><p>price increases and quantity decreases</p></li><li><p>there is a shortage. This is because the original equilibrium price is below the new equilibrium price</p></li></ol><p></p>