Fillable Equalibrium Price Worksheet (Mr. Breitsprecher's Business Ed Home Page)

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Equalibrium Price Worksheet (Mr. Breitsprecher's Business Ed Home Page)

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©Mr. Breitsprecher & BreitLinks (www.breitlinks.com) All Rights Reserved. Equilibrium Price
Marketing:
Equilibrium Price Name: __________________________
1. What is the definition of “equilibrium price” and how is it represented when we make a graph
of supply and demand?
2. What market forces move the price to equilibrium?
3. Using oil as an example, please describe what economic theory predicts will happen when the
price of oil is above the equilibrium price of $30 per barrel? (Please summarize what this
video explains will happen at $50 per barrel).
4. Using oil as an example, please describe what economic theory predicts will happen when the
price of oil is below the equilibrium price of $30 per barrel? (Please summarize what this
video explains will happen at $15 per barrel).
5. What is meant by a “surplus” and how do sellers adjust price when this happens?
6. What is meant by a “shortage” and how do sellers adjust price when this happens.
©Mr. Breitsprecher & BreitLinks (www.breitlinks.com) All Rights Reserved. Equilibrium Price
7. If we look at the demand curve, what type of buyers are represented by the downward sloping
line above the equilibrium price?
9. If we look at the demand curve, what type of buyers are represented by the downward sloping
line below the equilibrium price?
10. If we look at the supply curve, what type of buyers are represented by the upward sloping line
above the equilibrium price?
11. If we look at the supply curve, what type of buyers are represented by the downward sloping
line below the equilibrium price?
12. In class, we looked at some examples of products where this model of supply (upward sloping
supply curve) and demand (downward sloping demand curve) does not determine the
equilibrium price. Please identify one example of this and state why you believe this product
is not represented by the model in the video.
13. Economic theory is a simple model. It is a valuable tool for making marketing decisions only
when the model accurately represents a market. Please think about your experiences as a
consumer and describe a situation where supply & demand works as shown in this video.
14. Please think about your experiences as a consumer and describe a situation where supply &
demand does not work as shown in this video.
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Completed 15 December 2020

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