Supply, Demand & Market Equilibrium
Analyse how supply and demand determine equilibrium price, and predict the effects of shifts, price controls, and elasticity.
7
sections
9
challenges
40 min
to complete
Supply, Demand & Market Equilibrium is an interactive economics lab pitched at Level 4 — Undergraduate Year 1 (Level 4 on the UK framework). It is one worked example of what EngagedLab produces when a lecturer uploads their own economics teaching material: the platform classifies the content, structures it into a multi-section lab, and generates the retrieval-practice and challenge activities shown below.
Across 7 sections and 9 challenges (about 40 min of learner time), the lab moves beyond passive reading. Learners work through a market analysis and other domain tasks that ask them to apply, not just recall — reasoning that is tagged against Bloom’s taxonomy so the cognitive demand is visible. Each objective and quiz question is discipline-accurate and written to UK academic conventions.
The lab sets 3 explicit learning objectives — listed in full below — and every quiz question and challenge is aligned to them, so the assessment matches the intended outcome rather than drifting into trivia. The finished lab passes EngagedLab’s 32 quality gates and exports as an offline-capable SCORM 1.2/2004 or LTI 1.3 Advantage package, so progress and scores flow back to your VLE gradebook through AGS grade passback and cmi.suspend_data state persistence.
Learning objectives
Distinguish a movement along a curve from a shift of the curve and identify the cause of each.
Determine equilibrium price and quantity and predict the effect of a demand or supply shift.
Interpret price elasticity of demand and relate it to total revenue.
Try a sample quiz
Pick an answer to see instant feedback — exactly as a learner would in the generated lab.
Q1. A rise in consumers’ incomes increases demand for a normal good. This is represented by:
Q2. If demand is price inelastic and a firm raises its price, total revenue will:
Sample challenge
A poor harvest reduces the supply of wheat while demand is unchanged. Using a supply-and-demand diagram in words, explain the effect on equilibrium price and quantity, and state which curve shifts and why.
Hint 1
Decide first which curve moves — is the harvest a supply-side or demand-side change?
Hint 2
Supply shifts leftward (less wheat at each price); with demand fixed, equilibrium price rises and equilibrium quantity falls.
What every EngagedLab lab includes
Learning objectives
Outcome-aligned goals mapped to the qualification level.
Guided practice
Graduated hints that nudge, then scaffold — never hand over the answer.
Domain challenges
Subject-specific reasoning tasks, not generic multiple choice.
Knowledge-check quizzes
Spaced retrieval questions with instant feedback.
Case study
A multi-section scenario with stakeholder perspectives.
Reflection prompts
Metacognitive prompts that consolidate learning.
Curated reading list
4–6 further readings sorted by difficulty.