The Law of Supply and Demand Answers
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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.2
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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.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
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.5
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.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
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.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
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.10
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.Did you find these answers helpful?
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