The Law of Supply and Demand Answers
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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.2
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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.3
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.4
The point where supply and demand meet and prices are set is called
A
coordination.B
correspondence.C
equality.D
equilibrium.5
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.6
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.7
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.8
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.9
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.10
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.Did you find these answers helpful?
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