2.1 The Law of Supply and Demand Answers
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The amount of goods and services consumers want is called the
A
count.B
demand.C
number.D
supply.22
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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.23
How might a drop in price for washing machines affect the demand for dryers?
A
The demand for dryers would have no relation to the changing prices of washing machines.B
The demand for dryers would most likely increase as the price for washing machines dropped.C
The demand for dryers would most likely decrease as the price for washing machines dropped.D
The demand for dryers would only be affected by an increase in the price of washing machines.24
Look at the graph examining the market for graphic T-shirts.
A
5 graphic T-shirts on sale for $6B
10 graphic T-shirts on sale for $30C
30 graphic T-shirts on sale for $10D
55 graphic T-shirts on sale for $625
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.26
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.27
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.28
The point where supply and demand meet and prices are set is called
A
coordination.B
correspondence.C
equality.D
equilibrium.Did you find these answers helpful?
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