The Law of Supply and Demand

Question 1

"A" represents the new quantity demanded, while "B" represents the new quantity supplied.

Revolt · Accepted Answer

: excess supply; : fall

Question 2

Match each term with the correct part of the graph.

Revolt · Accepted Answer

B: ✔ B

Question 3

This graph shows the equilibrium point at which price?

Revolt · Accepted Answer

B: $9

Question 4

What change is taking place on this graph?

Revolt · Accepted Answer

D: an increase in demand

Question 5

Which change is illustrated by the shift taking place on this graph?

Revolt · Accepted Answer

B: an increase in supply

Question 6

What would tortilla manufacturers have needed to do in order to make the same profit?

Revolt · Accepted Answer

A: increase the price of tortillas

Question 7

Which factor affecting demand does this scenario illustrate?

Revolt · Accepted Answer

D: a change in the price of a complementary good from a potato chip company

Question 8

Supply and demand are powerful forces in a free market.In four to five sentences, explain some of the factors that cause shifts in supply and demand and what the effects of these shifts are.

Revolt · Accepted Answer

PENDING

Question 9

✔ AX BC

Revolt · Accepted Answer

A: A

Question 10

Supply and demand are powerful forces in a free market.In four to five sentences, explain some of the factors that cause shifts in supply and demand and what the effects of these shifts are.

Revolt · Accepted Answer

PENDING

The Law of Supply and Demand Answers

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