Supply Curve Dynamics and Effects

The video tutorial explains the effects of shifting the supply curve to the left, using a supply and demand graph. It introduces a supply shock example, such as a drought affecting wheat production, leading to a decrease in supply. This shift results in a new equilibrium where the price increases and quantity decreases. The video concludes with suggestions for further resources on related topics.

What is the main topic discussed in this video?

• The basics of drawing a demand curve

• The impact of a leftward shift in the supply curve

• The effects of a rightward shift in the demand curve

• The influence of government policies on supply

In a basic supply and demand graph, what does the intersection of the supply and demand curves represent?

• The maximum price

• The minimum quantity

• The point of equilibrium

• The average cost

What is the effect of a severe drought on wheat production in terms of supply?

• It has no effect on the supply

• It decreases the supply

• It increases the supply

• It stabilizes the supply

What happens to the supply curve when there is a decrease in supply due to a drought?

• It shifts to the left

• It shifts to the right

• It becomes vertical

• It becomes horizontal

When the supply curve shifts to the left and demand remains unchanged, what happens to the equilibrium price?

• It fluctuates

• It decreases

• It remains the same

• It increases

What happens to the equilibrium quantity when the supply curve shifts to the left with no change in demand?

• It increases

• It decreases

• It remains the same

• It doubles

If the supply curve shifts to the left, what is the expected change in price and quantity?

• Price decreases, quantity increases

• Price increases, quantity decreases

• Price and quantity both increase

• Price and quantity both decrease

What is the notation used to denote the new supply curve after a shift?

• Supply Star

• Supply Double

• Supply Dash

• Supply Prime

What should you do if you want to learn more about shifts in supply and demand?

• Ask a friend

• Ignore the topic

• Read a textbook

• Watch more videos on the channel

How can viewers provide feedback or suggest topics for future videos?

• By visiting the studio

• By calling the channel

• By sending a letter

• By commenting on the video