Two curves, one market

Civics & Economics · Economics · ages 14-15

Name ______________________ Date ____________

A supply curve slopes upward.
Circle one: True False
Which way does a demand curve slope?
- Up
- Down
- Flat
At 1 coin, how many apples do buyers take from the apple list?
- 10
- 6
- 3
Why does quantity supplied rise with price?
- Higher prices draw higher-cost sellers in
- Buyers buy more goods
- Shops close early
Why does quantity demanded fall as price rises?
- Sellers make more goods
- Some buyers leave or switch to a rival good
- Coins grow heavier
At 3 coins, buyers want 3 loaves and sellers offer 10. Which quantity is larger?
- Demand, 3 beats 10
- They match exactly
- Supply, 10 beats 3
How do you read a quantity off a curve?
- Up to the title, then left
- Across to the curve, then down to quantity
- Along the curve to its end
What does one point on a demand curve mean?
- At that price, buyers take that quantity
- Sellers offer double there
- The price must fall next

Answer key

For grown-ups. Fold this page away before handing over the rest.

True · Higher prices pair with larger quantities offered.
Down · Higher prices pair with smaller quantities wanted.
10 · The buyer list pairs the lowest price with 10 apples.
Higher prices draw higher-cost sellers in · Richer prices make costly production worth it for more sellers.
Some buyers leave or switch to a rival good · Dear prices push some buyers out or toward substitutes.
Supply, 10 beats 3 · Read both lists at one price: 10 offered tops 3 wanted.
Across to the curve, then down to quantity · Price across, curve, then down is the move the model builds on.
At that price, buyers take that quantity · Each point pairs one price with what buyers take at it.