This assignment will familiarize you with supply and demand graph. In a 1-2 page paper, describe each of the graphs using the criteria below. For these scenarios, barrels of oil are represented along the horizontal x-axis; price per barrel of oil is represented along the vertical y-axis.
Your task is to interpret each graph by stating the following:
- Describe the rise or fall in the equilibrium price and quantity.
- Describe the factors that may have caused the supply or demand curve to shift to the left or right.
- Please identify which determinant or determinants of demand or supply would have accounted for a shift in the supply or demand curve.