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What happens to the equilibrium price when both supply and demand shift in the same direction?
What is a potential consequence of failing to recognize ambiguous outcomes in economic analysis?
Why is it important to recognize when an outcome is ambiguous in economic analysis?
If supply shifts to the left and demand shifts to the right, what is the expected change in equilibrium price and quantity?
If the supply curve shifts significantly to the right while the demand curve shifts slightly to the right, what is the likely outcome for equilibrium price and quantity?
In which situation does the equilibrium quantity become ambiguous?
If supply shifts to the right and demand shifts to the left, what is the expected change in 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?
If a tax increase causes demand to decrease and a technological advancement causes supply to increase, what is the expected outcome for equilibrium price and quantity?
If demand increases significantly while supply increases slightly, what is the likely effect on equilibrium price and quantity?