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CWP Supply and Demand Test A. Matching: 1. Surplus 2. Supply 3. Shortage 4. Demand 5. Substitute 6. Complement 7. Equilibrium A.These products go together B. Also known as market price C. When producers don’t make enough D. You buy one or the other E. This is the sellers and makers of stuff F. When there is more than people want G. This is the consumers part of economics B. Draw a Supply and demand curve and label the following: 8. Equilibrium 9. Demand curve 10. Supply Curve 11. Price Axis 12. Quantity Axis C. Answer the following with a T for True and An F for false: 13. A shift occurs when you move on the demand or supply curve. 14. Price has a big influence on both supply and demand. 15. When the price of one substitute drops the demand for a similar product will be less. 16. Increasing the price of a good is a way to reduce a shortage. 17. More sellers in a market will shift a demand curve to the left. D. Answer R is the curve moves to the right and L if it moves to the Left 18. Labor costs increase dramatically 19. Wages rise much more than inflation 20. New technology reduces production prices 21. Raw material prices hit an all-time high 22. Cold weather increases heating oil usage E. Draw a Supply and Demand curve and do the following: 23. Draw in and label a shortage 24. Draw in and label a surplus 25. Using the information from your graph, explain why there is a shortage. 26. Using the information from your graph, explain how a surplus can be returned to equilibrium.