The Law of Supply and Demand - Quiz Quiz

Question 1

How do lower prices tend to affect demand?

Revolt · Accepted Answer

C: They tend to increase the interest in a product.

Question 2

Which statement best compares the laws of supply and demand?

Revolt · Accepted Answer

D: The two economic laws exist in theory. They work in practice, but real-world factors can have an effect.

Question 3

A factor that most directly affects the demand for automobiles is

Revolt · Accepted Answer

C: the individual tastes and preferences of buyers.

Question 4

According to the law of demand, price and quantity move

Revolt · Accepted Answer

A: along a track in opposite directions.

Question 5

Which statement best explains the law of supply?

Revolt · Accepted Answer

B: The quantity supplied by producers increases as prices rise and decreases as prices fall.

Question 6

The amount of goods and services consumers want is called the

Revolt · Accepted Answer

C: demand.

Question 7

According to the law of demand, price and quantity move

Revolt · Accepted Answer

D: along a track in opposite directions.

Question 8

How might a drop in price for washing machines affect the demand for dryers?

Revolt · Accepted Answer

C: The demand for dryers would most likely increase as the price for washing machines dropped.

Question 9

Which statement best compares the laws of supply and demand?

Revolt · Accepted Answer

C: The two economic laws exist in theory. They work in practice, but real-world factors can have an effect.

Question 10

Which statement best explains the law of demand?

Revolt · Accepted Answer

C: The quantity demanded by consumers decreases as prices rise, then increases as prices fall.

The Law of Supply and Demand - Quiz Quiz Answers