The Law of Supply and Demand Answers
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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.2
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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.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
The graph examines the market for graphic T-shirts.
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.Did you find these answers helpful?
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