Supply meets Demand at Equilibrium with a Price: Uncovering Supply and Demand



I hope that by utilizing this WebQuest, you have learned about supply and demand, and how those two forces affect the price. By now you should be able to answer the questions I had asked earlier in the introduction of this WebQuest, and the following:

How do supply, demand, andprice affect consumer choices? 

Can you give examples of recent situations where demand exceeded supply? What was the outcome? 

What happens when demand exceeds supply? 

What happens when supply exceeds demand?

Keepingin mind that price and non-price determinants affect consumer decisions, how do non-price determinants create a shift in demand curve?

What causes a shift insupply curve? 

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