1. The document appears to be a quiz on concepts from Chapter 3 of an economics textbook, including definitions of demand, the law of demand, demand curves, demand shifters, and demand schedules. 2. It asks students to identify demand, the law of demand, demand increases and decreases, substitute and inferior goods, changes in quantity demanded versus the curve, and the four factors that can cause demand curves to shift. 3. The second document provides additional context, defining supply, the law of supply, quantity supplied, and how to graph supply curves and changes along the curve versus shifts of the curve. It identifies several factors that can cause supply curves to shift, and asks how various headlines might impact the supply

1. Chapter 3 Quiz (8pts)
1. _________ is the willingness & ability to buy a good or service.
2. ____________ states: as price decreases, the quantity demanded
increases and as price increases the quantity demanded
decreases.
3. If the demand curve shifts to the right, what does it mean?
4. If the price of Coke went up the demand for Pepsi
would___________ because it is a(n) ___________
5. Toilet paper is an example of a(n) ___________ good.
6. Movement along the same demand curve is a change in:________
7. Numerical table of data that illustrates the Law of Demand is
a:____
8. :What are the 4 things that can cause the demand curve to
“shift”?

2. Chapter 3 Quiz (8pts)
1. DEMAND_ is the willingness & ability to buy a good or service.
2. __LAW OF DEMAND_ states: as price decreases, the quantity
demanded increases and as price increases the quantity
demanded decreases.
3. If the demand curve shifts to the right, what does it mean?
DEMAND INCREASES
4. If the price of Coke went up the demand for Pepsi
would_INCREASE__ because it is a(n) _R.G. -Substitute__
5. Toilet paper is an example of a(n) _inferior__ good.
6. Movement along the same demand curve is a change in: Quantity
Demanded (Qs)__
7. Numerical table of data that illustrates the Law of Demand is
a:DEMAND SCHEDULE
8. :What are the 4 things that can cause the demand curve to
“shift”? PREFERENCES – RELATED GOODS - # of BUYERS -
INCOME

3. At the end of the day you should
be able to:
• Define SUPPLY
• Illustrate a change in quantity
supplied.
• Illustrate a change in supply.
• Identify the supply shifters

4. Supply
• SUPPLY – the willingness and ability of
SELLERS to produce and sell a good or service.
• LAW OF SUPPLY – a law stating that as the
price of a good increases, the quantity supplied
of the good increases, and that as the price of a
good decreases, the quantity supplied of the
good decreases.
P then Qs  P then Qs 
• QUANTITY SUPPLIED – the number of units of
a good produced and offered at a specific price.

5. P
Qo
$5
4
3
2
1
10 20 30 40 50 60 70 80
PriceofCorn
Quantity of Corn
$5
4
3
2
1
80
70
60
45
30
P QS
CORN
MARKET
S
Change
in Quantity
Supplied (Qs)
GRAPHING SUPPLY

6.  SUPPLY  SUPPLY CURVE
SHIFTS RIGHT

7.  SUPPLY SUPPLY CURVE
SHIFTS
LEFT

8. What causes the Supply
Curve to shift?

9. S
P
Qo
$5
4
3
2
1
10 20 30 40 50 60 70 80
PriceofCorn
Quantity of Corn
$5
4
3
2
1
60
50
35
20
5
P QS
CORN
MARKET
80
70
60
45
30
S1Increase
in
Supply
GRAPHING SUPPLY

10. S
P
Qo
$5
4
3
2
1
10 20 30 40 50 60 70 80
$5
4
3
2
1
60
50
35
20
5
P QS
PriceofCorn
Quantity of Corn
S1
45
30
20
0
--
Decrease
in
Supply
GRAPHING SUPPLY
CORN
MARKET

11. Supply SHIFTERS!
• Resource Prices
• Technology
• Taxes
• Subsidies
• Quotas
• Weather
• Number of Sellers

12. How will the following headlines
affect the Supply of Hybrid Cars?
1. New robotic machines has increased the amount of
hybrid engines that can be produced.
2. The US Gov’t lowers quotas on Japanese cars (US
MARKET).
3. A storm sinks a shipment of Japanese hybrid cars
coming to America (US MARKET).
4. The per-unit cost of hybrid cars falls because of new
production equipment.
5. The US Gov’t offers to give US car manufacturers
$1,000 for every Hybrid car they produce.
6. In 2009, THREE new car manufacturers start producing
hybrid cars.
7. The market price for Ford Escape Hybrids plummets.

14. Essay Topic
What might change the supply of corn?

15. Chapter 4.1-4.2 Reading Quiz
1. The Law of Supply is a direct relationship
stating that when P _____ then Qs ______
AND when P ______ then Qs____.
2. (T/F) When resource prices fall, sellers are
willing and able to produce and sell less of a
good.
3. A movement along the same supply curve
would represent a change in ____________.
4. LIST 4 of the 7 SUPPLY SHIFTERS (Bonus
+1 for all 7)
5. The supply curve of 1957 Chevy cars would
be an example of a _________ supply curve.

16. Chapter 4.1-4.2 Reading Quiz
1. The Law of Supply is a _______ relationship
stating that when P goes up then Qs goes up
AND when P goes down then Qs goes down.
2. (T/F) When resource prices increase, sellers
are willing and able to produce and sell less
of a good.
3. A change in price would mean there has also
been a change in ____________.
4. LIST 5 of the 7 SUPPLY SHIFTERS (Bonus
+1 for all 7)
5. The numerical table used to graph a supply
curve is called a ________________.