Micro 2.3 Shifting Supply and Demand: Econ Concepts in 60 Seconds Practice

The video tutorial covers the basics of supply and demand, focusing on how curves shift due to various shifters. It explains five demand shifters and six supply shifters, using corn as a primary example. The tutorial highlights how demand shifts affect consumers, while supply shifts impact production. It also addresses common misconceptions, emphasizing the importance of correctly interpreting graphs to understand price and quantity changes.

What is the primary focus of the initial discussion on supply and demand?

• The impact of price changes

• The effect of government policies

• The concept of equilibrium

• The relationship between supply and demand

When demand for corn increases, what happens to the price and quantity?

• Price decreases, quantity decreases

• Price increases, quantity increases

• Price remains the same, quantity decreases

• Price decreases, quantity increases

What is the result of a decrease in demand for corn?

• Price increases, quantity increases

• Price decreases, quantity decreases

• Price remains the same, quantity increases

• Price increases, quantity decreases

How does an increase in corn production affect the supply curve?

• Shifts the curve to the right

• Reverses the curve direction

• Keeps the curve unchanged

• Shifts the curve to the left

What is the effect of a drought on the supply of corn?

• Increases supply, increases price

• Decreases supply, increases price

• Increases supply, decreases price

• Decreases supply, decreases price