AnswersMNPS Economics FTC 25-26Unit Test

The Law of Supply Answers

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1
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Products whose demand rises when another product’s price increases are called

s
substitute goods.
c
complementary goods.
e
elastic goods.
c
clearance goods.
2
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Which best explains how the law of demand affects consumers?

A
It helps consumers know when prices are going down.
B
It helps consumers know when prices are going up.
C
It helps consumers tell producers when prices are too high. ✓ Correct
D
It helps consumers tell producers when to make new goods.
3

most

q
quantity.
p
price.
q
quality.
c
competition.
4

A demand curve shows how changes in

A
consumer demand affects income.
B
prices affect the consumer demand. ✓ Correct
C
prices affect complementary goods.
D
consumer demand affects substitute goods.
5

best

l
loss of income
l
loss of supply
d
distribution problems
m
market problems
6

Which best summarizes how consumer demand changes?

A
Consumer demand changes over time based on few factors.
B
Consumer demand changes often based on many factors. ✓ Correct
C
Consumer demand changes over time based on specific factors.
D
Consumer demand changes often based on few factors.
7

The graph shows a demand curve.The graph shows the demand curve shifting from D (orange) to D₁ (blue), with the new curve located to the left of the original curve.Which statement best explains this change?

Question illustration
A
A decrease in quantity demanded caused by an increase in the product's price.
A
A decrease in demand caused by a fall in income or a fall in the price of a substitue good.
A
An increase in demand caused by higher consumer income.
A
A movement along the demand curve caused by a price change.
8

The graph shows a demand curve.Which most likely accounts for the changes shown on the demand curve?

Question illustration
A
More consumers want a product.
B
Fewer consumers want a product.
C
The price of a product rises a little.
D
The price of a product rises sharply.
9

The law of demand applies most directly to which group?

A
buyers ✓ Correct
B
sellers
C
producers
D
lawmakers
10

An example of complementary goods would be

c
computers and printers.
c
cars and trucks.
s
sheets and towels.
f
food and clothing.
11

Which best explains how the law of demand affects consumers?

A
It helps consumers know when prices are going down.
B
It helps consumers know when prices are going up.
C
It helps consumers tell producers when prices are too high.
D
It helps consumers tell producers when to make new goods.
12

The law of demand applies most directly to which group?

A
buyers
B
sellers
C
producers
D
lawmakers
13

Which best summarizes how consumer demand changes?

A
Consumer demand changes over time based on few factors.
B
Consumer demand changes often based on many factors.
C
Consumer demand changes over time based on specific factors.
D
Consumer demand changes often based on few factors.
14

A demand curve shows how changes in

A
consumer demand affects income.
B
prices affect the consumer demand.
C
prices affect complementary goods.
D
consumer demand affects substitute goods.
15

A factor that most influences changes in consumer demand is

A
quantity.
B
price.
C
quality.
D
competition.
16

The graph shows a demand curve.The graph shows the demand curve shifting from D (orange) to D₁ (blue), with the new curve located to the left of the original curve.Which statement best explains this change?

Question illustration
A
A decrease in quantity demanded caused by an increase in the product's price.
B
A decrease in demand caused by a fall in income or a fall in the price of a substitue good.
C
An increase in demand caused by higher consumer income.
D
A movement along the demand curve caused by a price change.
17

An example of complementary goods would be

A
computers and printers.
B
cars and trucks.
C
sheets and towels.
D
food and clothing.
18

The chart shows a combined supply and demand schedule.

Question illustration
A
The cost to make a pair of shoes will rise.
B
A scarcity of shoes will result.
C
Profits from selling shoes will increase.
D
Consumers will want to buy fewer pairs of shoes.
19

Products whose demand rises when another product’s price increases are called

A
substitute goods.
B
complementary goods.
C
elastic goods.
D
clearance goods.
20

The graph shows a demand curve.Which most likely accounts for the changes shown on the demand curve?

Question illustration
A
More consumers want a product.
B
Fewer consumers want a product.
C
The price of a product rises a little.
D
The price of a product rises sharply.

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