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

The Law of Supply and Demand Answers

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1
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How might a drop in price for washing machines affect the demand for dryers?

A
The demand for dryers would have no relation to the changing prices of washing machines.
B
The demand for dryers would most likely increase as the price for washing machines dropped.
C
The demand for dryers would most likely decrease as the price for washing machines dropped.
D
The demand for dryers would only be affected by an increase in the price of washing machines.
2
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The total amount of a product available in a market at a given price is called the

A
count.
B
demand.
C
number.
D
supply.
3

A market supply schedule shows

A
the products of two companies only.
B
the prices and quantity in an entire market.
C
how prices affect a single producer.
D
how prices affect a group of consumers.
4

Look at the graph examining the market for graphic T-shirts.

Question illustration
A
5 graphic T-shirts on sale for $6
B
10 graphic T-shirts on sale for $30
C
30 graphic T-shirts on sale for $10
D
55 graphic T-shirts on sale for $6
5

Which statement best explains the law of supply?

A
The quantity supplied by producers increases as prices rise and decreases as prices fall.
B
The quantity supplied by producers decreases as prices rise and increases as prices fall.
C
The quantity supplied by consumers increases as prices rise and decreases as prices fall.
D
The quantity supplied by consumers decreases as prices rise and increases as prices fall.
6

How do lower prices tend to affect demand?

A
They tend to increase the availability of a product.
B
They tend to decrease the availability of a product.
C
They tend to increase the interest in a product.
D
They tend to decrease the interest in a product.
7

Which statement best explains the law of supply?

A
The quantity supplied by producers increases as prices rise and decreases as prices fall.
B
The quantity supplied by producers decreases as prices rise and increases as prices fall.
C
The quantity supplied by consumers increases as prices rise and decreases as prices fall.
D
The quantity supplied by consumers decreases as prices rise and increases as prices fall.
8

Which statement best compares the laws of supply and demand?

A
The two economic laws exist in theory. They have no relation to economics in the real world.
B
The two economic laws exist in theory. They work in practice, but real-world factors can have an effect.
C
The two economic laws work in practice. They apply to real-world economics eighty percent of the time.
D
The two economic laws work in practice. They prove to be true in the real world one hundred percent of the time.
9

On a supply and demand graph, equilibrium is the point where

A
the two curves meet.
B
the supply curve begins.
C
the supply curve ends.
D
the demand curve ends.
10

The vertical axis of a demand curve shows

A
the price of a product.
B
the supply of a product.
C
the interest in a product.
D
the production cost of a product.
11

Which statement best explains the law of demand?

A
The quantity demanded by consumers increases as prices rise, then decreases as prices fall.
B
The quantity demanded by consumers decreases as prices rise, then increases as prices fall.
C
The quantity demanded by producers increases as prices rise, then decreases as prices fall.
D
The quantity demanded by producers decreases as prices rise, then increases as prices fall.
12

According to the law of supply, price and quantity move

A
along a track in the same direction.
B
along a track in opposite directions.
C
from different points toward one another.
D
from the same point away from one another.
13

The amount of goods and services consumers want is called the

A
count.
B
demand.
C
number.
D
supply.
14

The graph examines the market for graphic T-shirts.

Question illustration
A
A product becomes less popular and fewer customers purchase it.
B
A product becomes more popular and more customers purchase it.
C
A product sells out of stores and customers can no longer purchase it.
D
A product is restocked on store shelves and is ready for customer purchase.
15

According to the law of demand, price and quantity move

A
along a track in the same direction.
B
along a track in opposite directions.
C
from different points toward one another.
D
from the same point away from one another.
16

Which factor most directly affects a furniture company's supply?

A
the growing number of furniture buyers in the market
B
the availability of raw materials and natural resources
C
a change in the price of rugs and other complementary goods
D
an increased interest in antique furniture over modern furniture
17

A factor that most directly affects the demand for automobiles is

A
the individual tastes and preferences of buyers.
B
the cost of raw materials and natural resources.
C
the availability of workers in automobile factories.
D
a company's ability to respond to buyers' interest.
18

The chart compares the price of graphic T-shirts to the quantity demanded.

Question illustration
A
interest in a product and the price a consumer pays.
B
interest in a product and the price a producer pays.
C
amount of a product and the price a consumer pays.
D
amount of a product and the price a producer pays.
19

Look at the graph examining the market for graphic T-shirts.

Question illustration
A
5 graphic T-shirts on sale for $6
B
10 graphic T-shirts on sale for $30
C
30 graphic T-shirts on sale for $10
D
55 graphic T-shirts on sale for $6
20

How do changing prices affect supply and demand?

A
As price increases, both supply and demand increase.
B
As price decreases, both supply and demand decrease.
C
As price increases, supply decreases, but demand increases.
D
As price decreases, supply decreases, but demand increases.

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