Equilibrium: Curve Shift Practice P Q S1 S2 D P1 P2 Q1 Q2

1. The price of lumber goes down. The Demand for paint goes _______ P Q S D P1 Q1 EP goes _____ EQ goes _____

1. The price of lumber goes down. The Demand for paint goes UP P Q S D1 P1 Q1 EP goes UP EQ goes UP D2 P2 Q2

2. The Price of gasoline goes up. The demand for tires goes ______ P1 Q1 P Q EP goes _____ EQ goes _____ S D

2. The Price of gasoline goes up. The demand for tires goes DOWN P1 P2 Q2 Q1 P Q EP goes DOWN EQ goes DOWN S D1 D2

3. Drought hits Florida. The supply for oranges goes ______ P1 Q1 P Q EP goes _____ EQ goes _____ S D

3. Drought hits Florida. The supply for oranges goes DOWN P1 Q1 P Q EP goes UP EQ goes DOWN S1 D P2 Q2 S2

4. Congress approves drilling for oil in Alaska. The supply for oil goes______ P1 Q1 P Q EP goes _____ EQ goes _____ S D

P2 Q2 P Q EP goes DOWN EQ goes UP S2 D P1 Q1 S1 4. Congress approves drilling for oil in Alaska. The supply for oil goes UP

5. The steel workers union negotiates higher wages. (Supply or Demand?) for automobiles goes ______ P1 Q1 P Q EP goes _____ EQ goes _____ S D

5. The steel workers union negotiates higher wages. (Supply or Demand?) for automobiles goes DOWN EP goes UP EQ goes DOWN P Q P1 Q1 P Q S1 D P2 Q2 S2

6. The population in Westfield goes up by a significant 15 % in a short time. (Supply or Demand?) for groceries in Westfield goes ______ P1 Q1 P Q EP goes _____ EQ goes _____ S D

6. The population in Westfield goes up by a significant 15 % in a short time. (Supply or Demand?) for groceries in Westfield goes UP P EP goes UP EQ goes UP Q S D1 P1 Q1 D2 P2 Q2

7. The price of Crude Oil goes up. (Supply or Demand?) for gasoline goes ______ P1 Q1 P Q EP goes _____ EQ goes _____ S D

7. The price of Crude Oil goes up. (Supply or Demand?) for gasoline goes DOWN Q EP goes UP EQ goes DOWN P P1 Q1 P S1 D P2 Q2 S2

8. Congress passes a law requiring the use of Ethanol (corn-based fuel). (Supply or Demand?) for corn goes ______ P1 Q1 P Q EP goes _____ EQ goes _____ S D

8. Congress passes a law requiring the use of Ethanol (corn-based fuel). (Supply or Demand?) for corn goes UP EP goes UP EQ goes UP Q S D1 P1 Q1 D2 P2 Q2 P