**Supply Worksheet Answer Key** – **Complete steps 1 through 3. Use the supply and demand schedules to construct a diagram using the diagram area below. Then answer the following questions. Feel free to refer back to previous activities in the lesson if you need to review key concepts.**

In which direction does the supply curve shift? How does this reflect the law of supply? (1 point)

## Supply Worksheet Answer Key

The supply curve shifts to the right. This illustrates the law of supply, as the quantity of bread produced increases with the price of bread.

#### Supply Chain Management

In which direction does the demand curve go? How does this illustrate the law of demand? (1 point)

The demand curve increases to the left and decreases to the right. This shows the law of demand, as the quantity of bread demanded increases, the price of bread decreases.

The equilibrium price of a loaf of bread is $5. This is where the demand curve and the supply curve intersect.

The supply decreased, which increased the price for the same level of demand. 5. Customer demand for bread is not the same. Use a demand schedule to graph each point on the demand curve. Connect each point with a straight line to construct the demand curve.

#### Solved Economics Unit 3 Worksheet Demand And Supply For

At a price of $5, the bakery would only produce 40 loaves, but customers would want to buy 60 loaves.

At a price of $6, the bakery would be willing to sell 60 loaves, but customers would only buy 45. 9. Is there a surplus or shortage of bread because of this new price set by the bakery? (1 point)

**Complete steps 10 through 13. Use the supply and demand schedules to construct a diagram using the diagram area below. Then answer the following questions.**

He asks for more bread as it was between 45-95 loaves and only $2 in change. Milk was inelastic, varying only from 39-41 despite a 100% increase in price.

## Quiz & Worksheet

1. Artisau Bakery sells a bread that it bakes every day. Use the supply plan

Plot each point on the supply curve. Connect each point with a straight line to construct the supply curve.

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