The Law of Supply and Demand Answers
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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 $62
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The point where supply and demand meet and prices are set is called
A
coordination.B
correspondence.C
equality.D
equilibrium.3
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.4
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.5
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.6
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.7
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.8
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.9
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.10
Which factor most directly affects a furniture company's supply?
A
the growing number of furniture buyers in the marketB
the availability of raw materials and natural resourcesC
a change in the price of rugs and other complementary goodsD
an increased interest in antique furniture over modern furnitureDid you find these answers helpful?
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