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ECON 2200 Supply & Demand Review Quiz

1. Draw and label a diagram which represents the usual shape of a supply curve. 2. Draw and label a diagram which represents the usual shape of a demand curve.

3. Use a demand curve diagram to explain what happens to the quantity demanded if the price is increased.

4.Use a demand curve diagram to show what happens to the demand if the product is being gradually replaced by new technology.

5. Use supply and demand curves to show the impact on price and !uantity if there is an increase in production costs.

. Use supply and demand curves to show the impact on price and !uantity if there is an increase in demand.

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