Answers2102320-Economics HONORS - Edgenuity TeacherThe Law of Supply and Demand

The Law of Supply and Demand Answers

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

Answers:
Demand curve::B
Supply curve::A
Equilibrium point::C
2
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✔ ABC

Answer not available
3

AB✔ C

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4

This graph shows the equilibrium point at which price?

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

Answer not available
6

rise✔ fallstay the same

Answer not available
11

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
13

✔ risefallremain the same

A
rise
B
fall
C
remain the same
14

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
16

rise✔ fallremain the same

A
rise
B
fall
C
remain the same
17

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
19

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
21

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