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Lesson Plan

Monday, October 1, 2007

Shifting Curves: Demand and Supply Shifts in the Gasoline Market

Grade Level: 9-12 | PDF, 27 pgs.

Students create a graph of gasoline supply and demand and identify the market-clearing price. Students learn about the determinants of supply and demand. They graph a decrease in demand for gasoline and a decrease in supply of gasoline to understand how those factors affect prices. Note: Students should know what supply and demand are and be able to graph supply and demand data as well as draw supply and demand graphs. From the Inside the Vault article, "Why Do Gasoline Prices React to Things That Have Not Happened?"