Comparing Economic Systems

Question 1

Which situations are most likely to affect the supply of a good or service? Choose three correct answers.small changes in the stock marketsa lack of necessary workersa change of leadership at a companyproblems with necessary equipmenta shortage of necessary natural resources

Revolt · Accepted Answer

a lack of necessary workers; problems with necessary equipment; a shortage of necessary natural resources

Question 2

Which situations are most likely to affect the demand for a good or service? Choose three correct answers.A celebrity endorses the good or service.A company has a change of leadership.A good or service becomes less popular.The health of the economy changes.The product packaging is updated.

Revolt · Accepted Answer

A celebrity endorses the good or service.; A good or service becomes less popular.; The health of the economy changes.

Question 3

Study the graph. What does it show about the relationship between price and supply?

Revolt · Accepted Answer

As price increases, producers increase the supply.

Question 4

Study the graph. What does it show about the relationship between price and demand?

Revolt · Accepted Answer

As price decreases, consumers increase the demand.

Question 5

Study the graph. What is the quantity where the supply and demand curves reach equilibrium?

Revolt · Accepted Answer

2,500

Comparing Economic Systems Answers

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