AnswersOC27 Economics-2102310-Sem-MeadowsUnit Test

2.1 The Law of Supply and Demand Answers

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ABC

A
A
B
B
C
C
2
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Supply curve:[___]

A
A
B
B
C
C
3

Equilibrium point:[___]

A
A
B
B
C
C
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Match each term with the correct part of the graph.

Answers:
Demand curve::B
Supply curve::A
Equilibrium point::C
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✔ ABC

A
✔ A
B
B
C
C
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AB✔ C

A
A
B
B
C
✔ C
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equilibriumexcess supplyexcess demand

A
equilibrium
B
excess supply
C
excess demand
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rise✔ fallstay the same

A
rise
B
✔ fall
C
stay the same
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As a result of the development shown on this graph, prices will most likely[___].

A
rise
B
fall
C
remain the same
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As a result of the development shown on this graph, prices should[___].

A
rise
B
fall
C
remain the same
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This graph shows the equilibrium point at which price?

A
$6
B
$9
C
$12
D
$15
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What change is taking place on this graph?

A
a decrease in supply
B
a decrease in demand
C
an increase in supply
D
an increase in demand
48687

Which change is illustrated by the shift taking place on this graph?

A
a decrease in supply
B
an increase in supply
C
an increase in demand
D
a decrease in demand
48688

What would tortilla manufacturers have needed to do in order to make the same profit?

A
increase the price of tortillas
B
decrease the price of tortillas
C
decrease the supply of tortillas and keep the price the same
D
decrease the supply of tortillas and decrease the price
48689

Which factor affecting demand does this scenario illustrate?

A
a change in the number of people in the population
B
a change in the price of a substitute good from a rival soft drink company
C
a change in consumer tastes and preferences
D
a change in the price of a complementary good from a potato chip company
48690

This graph shows the equilibrium point at which price?

A
$6
B
$9
C
$12
D
$15
48691

What change is taking place on this graph?

A
a decrease in supply
B
a decrease in demand
C
an increase in supply
D
an increase in demand
48692

Which change is illustrated by the shift taking place on this graph?

A
a decrease in supply
B
an increase in supply
C
an increase in demand
D
a decrease in demand
48693

What would tortilla manufacturers have needed to do in order to make the same profit?

A
increase the price of tortillas
B
decrease the price of tortillas
C
decrease the supply of tortillas and keep the price the same
D
decrease the supply of tortillas and decrease the price
48694

Which factor affecting demand does this scenario illustrate?

A
a change in the number of people in the population
B
a change in the price of a substitute good from a rival soft drink company
C
a change in consumer tastes and preferences
D
a change in the price of a complementary good from a potato chip company

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