Economics

Hudson Falls Central School

Mr. Nassivera – Room A1

Supply:
1. What is the Law of Supply?1

2. Give an example of how you have observed the law of supply at work.

3. What is the relationship between the law of supply and the supply curve?

Change in Supply:
1. What kind of changes in underlying conditions can cause the supply curve to
shift?

2. Give some examples and explain the direction in which the curve shifts.

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 Economics
Hudson Falls Central School
Mr. Nassivera – Room A1

Supply & Demand:

The Market for Professional Basketball.

1. In the market of Professional Basketball who are the demanders and who are the
suppliers?

2. Give two examples of how changes in supply or demand (determinants) have

affected this market.

Supply and Demand:

1. How do you think each of the following affected the world price of oil? (Use basic
supply and demand analysis.)
a. Tax credits were offered for expenditures on home insulation.
b. The Alaskan oil pipeline was completed.
c. Oil was discovered in Mexico and the North Sea.
d. Sport Utility Vehicles and minivans became popular.
e. The use of hydrogen fuel cells increased.
f. Tax credits were offered for purchases of hybrid automobiles.

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