AnswersOC27 Economics-2102310-Sem-MeadowsUnit Test

Unit Test Answers

9 verified answers1 views
1
Free Preview

Where is the equilibrium point on this graph?

A
where the demand curve begins and the supply curve ends
B
where the demand curve and the supply curve cross each other
C
where the supply curve begins and the demand curve ends
D
where both curves begin heading downward
2
Free Preview

"A" represents the new quantity supplied, while "B" represents the new quantity demanded. | What is the result of these changes? | Based on this graph, what should happen to prices?

A
They should fall.
B
They should rise.
C
They should stay the same.
3

[___]

A
equilibrium
B
supply shift
C
excess demand
D
excess supply
4

The price of blue widgets rises to $6.Assuming that all other factors remain the same, how should the factory respond to this increase of price?

A
by decreasing the number of blue widgets supplied
B
by increasing the number of blue widgets supplied
C
by increasing the number of green widgets supplied
5

Which events could cause the change in supply shown on this graph? Check all that apply.

A
A producer goes out of business.
B
A new company joins the marketplace.
C
A natural disaster causes production to drop.
D
A company begins to produce more goods.
6

What does this demand curve demonstrate?

A
Demand increases as prices decrease.
B
Demand increases as prices increase.
C
Prices decrease as demand decreases.
D
Prices remain the same as demand increases.
7

Which events could cause the change in demand shown on this graph?Check all that apply.

A
A product becomes more popular.
B
The number of consumers interested in a product drops.
C
A company's competitor lowers its prices.
D
A company offers a better product than its competition.
8

Where is the equilibrium point on this graph?

A
where the demand curve begins and the supply curve ends
B
where the demand curve and the supply curve cross each other
C
where the supply curve begins and the demand curve ends
D
where both curves begin heading downward
9

[___]

A
They should fall.
B
They should rise.
C
They should stay the same.

Did you find these answers helpful?

More from this Course

Instruction
21 verified answers

Instruction

Assignment
27 verified answers

2.1 The Law of Supply and Demand

Quiz
78 verified answers

Unit 1 Test