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

The Law of Supply and Demand Answers

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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
2
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"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

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.
4

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.
5

"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
equilibrium
B
supply shift
C
excess demand
D
excess supply

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