The Law of Supply and Demand Answers
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Which factor most directly affects a furniture company's supply?
A
the growing number of furniture buyers in the marketB
the availability of raw materials and natural resourcesC
a change in the price of rugs and other complementary goodsD
an increased interest in antique furniture over modern furniture2
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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.3
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.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.5
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.6
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.7
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.8
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.9
The point where supply and demand meet and prices are set is called
A
coordination.B
correspondence.C
equality.D
equilibrium.10
The chart compares the price of graphic T-shirts to the quantity demanded.
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.Did you find these answers helpful?
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