Entrepreneurship — Unit test Answers
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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.22
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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.23
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.24
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.25
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 $626
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.Did you find these answers helpful?
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