Name__________________
Supply and Demand
Answer the following questions.
1. In your own words, Describe the following
a. Law of Demand
b. Law of Supply
c. Market Equilibrium
2. Use the following Supply and Demand schedule for Pizza to create a graph that
shows a supply and demand curve.
Price per pizza
$5
$10
$15
$20
$25
Quantity Demanded
21
15
13
8
2
Quantity Supplied
1
5
11
16
19
3. Answer the following questions about the graph
a. Where is equilibrium? _____
b. What price range would cause a shortage? ______
c. What price range would cause a surplus? ______
d. What is the elasticity of demand is for pizza from $5-$25? ______