The Law of Supply

Question 1

What is the point at which supply and demand intersect?

Revolt · Accepted Answer

equilibrium point

Question 2

Choose whether each scenario demonstrates equilibrium, surplus, or shortage.. The price of a product has dropped greatly, and store owners do not have enough of the item to meet demand. Demand for a new truck is beginning to increase, but car dealerships still have too many of these trucks on their lots. The price for a popular holiday toy has risen too high, and consumers are not purchasing items in stock on store shelves.

Revolt · Accepted Answer

Selection 1: shortage; Selection 2: surplus; Selection 3: surplus

Question 3

Match each term with the correct part of the graph. Demand curve Supply curve Equilibrium point

Revolt · Accepted Answer

A; Selection 1: B; Selection 2: A; Selection 3: C

Question 4

On this graph, the equilibrium point occurs at which price?

Revolt · Accepted Answer

$9

Question 5

"A" represents the new quantity demanded, while "B" represents the new quantity supplied. What is the result of these changes? Based on this graph, what will prices most likely do?

Revolt · Accepted Answer

excess supply; Selection 1: excess supply; Selection 2: fall

Question 6

Question 9

Revolt · Accepted Answer

A

Question 7

Question 11

Revolt · Accepted Answer

fall

Question 8

Question 12

Revolt · Accepted Answer

C

The Law of Supply Answers

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