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Which of the following markets is NOT an example of a perfectly competitive market?
How would you synthesize the concept of quantity demanded to explain its significance in economic analysis?
Why is it important to label the axes correctly when graphing demand curves?
How does an increase in the number of consumers in a market affect the demand for a product?
Why is the ceteris paribus assumption important when analyzing the effect of a single determinant on demand?
What is the implication of the law of supply for suppliers when the price of a good decreases?
If the price of a product increases, what is likely to happen to the quantity supplied by an individual supplier?
A region experiences a prolonged drought. What is the likely impact on the supply curve for agricultural products from this region?
What is the result of a decrease in the price of a good on the supply curve?
Which of the following scenarios would most likely cause a shift in the supply curve due to a natural event?
What role does the law of supply and demand play in correcting a shortage?
If the equilibrium price of a product is \$10 and the equilibrium quantity is 50 units, what does this mean on a supply and demand graph?
In a graph where both demand and supply curves shift right, what can be inferred about the new equilibrium price and quantity?
A new supplier enters the market for electric cars, increasing the overall supply. What is the expected impact on the equilibrium price and quantity?
Consider a scenario where a new technology reduces production costs (supply shifts right) and consumer preferences shift towards a product (demand shifts right). What is the likely impact on the market?