Supply and Demand Formative

IB Economics             Name ________________________________________
Quiz 1: Supply and Demand

What is the law of demand?

 

 

Draw a demand curve, and give one reason for its shape (direction of slope):

 

 

 

 

 

 

 

 

 

 

 

Use an example to show how a change in consumer taste affects the demand curve, and show it on a graph.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

What are two of the determinants of supply?

 

 

 

 

 

 

 

 

What is the most likely response of a market to a shortage of widgets?

 

 

Supply and demand quiz

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