Answers FL-2102310-EconomicsThe Law of Supply and Demand

The Law of Supply and Demand Answers

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

The demand for dryers would have no relation to the changing prices of washing machines.

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

The demand for dryers would most likely decrease as the price for washing machines dropped.

The demand for dryers would only be affected by an increase in the price of washing machines.

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Which statement best explains the law of demand?

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

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

The quantity demanded by producers increases as prices rise, then decreases as prices fall.

The quantity demanded by producers decreases as prices rise, then increases as prices fall.

According to the law of supply, price and quantity move

along a track in the same direction.

along a track in opposite directions.

from different points toward one another.

from the same point away from one another.

The amount of goods and services consumers want is called the

count.

demand.

number.

supply.

The total amount of a product available in a market at a given price is called the

count.

demand.

number.

supply.

According to the law of demand, price and quantity move

along a track in the same direction.

along a track in opposite directions.

from different points toward one another.

from the same point away from one another.

The graph examines the market for graphic T-shirts.

A product becomes less popular and fewer customers purchase it.

A product becomes more popular and more customers purchase it.

A product sells out of stores and customers can no longer purchase it.

A product is restocked on store shelves and is ready for customer purchase.

A market supply schedule shows

the products of two companies only.

the prices and quantity in an entire market.

how prices affect a single producer.

how prices affect a group of consumers.

Which factor most directly affects a furniture company's supply?

the growing number of furniture buyers in the market

the availability of raw materials and natural resources

a change in the price of rugs and other complementary goods

an increased interest in antique furniture over modern furniture

A factor that most directly affects the demand for automobiles is

the individual tastes and preferences of buyers.

the cost of raw materials and natural resources.

the availability of workers in automobile factories.

a company's ability to respond to buyers' interest.

Look at the graph examining the market for graphic T-shirts.

5 graphic T-shirts on sale for $6

10 graphic T-shirts on sale for $30

30 graphic T-shirts on sale for $10

55 graphic T-shirts on sale for $6

Which statement best explains the law of supply?

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

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

The quantity supplied by consumers increases as prices rise and decreases as prices fall.

The quantity supplied by consumers decreases as prices rise and increases as prices fall.

The chart compares the price of graphic T-shirts to the quantity demanded.

interest in a product and the price a consumer pays.

interest in a product and the price a producer pays.

amount of a product and the price a consumer pays.

amount of a product and the price a producer pays.

How do lower prices tend to affect demand?

They tend to increase the availability of a product.

They tend to decrease the availability of a product.

They tend to increase the interest in a product.

They tend to decrease the interest in a product.

Look at the graph examining the market for graphic T-shirts.

5 graphic T-shirts on sale for $6

10 graphic T-shirts on sale for $30

30 graphic T-shirts on sale for $10

55 graphic T-shirts on sale for $6

How do changing prices affect supply and demand?

As price increases, both supply and demand increase.

As price decreases, both supply and demand decrease.

As price increases, supply decreases, but demand increases.

As price decreases, supply decreases, but demand increases.

The amount of goods and services consumers want is called the

count.

demand.

number.

supply.

Which statement best explains the law of supply?

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

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

The quantity supplied by consumers increases as prices rise and decreases as prices fall.

The quantity supplied by consumers decreases as prices rise and increases as prices fall.

Which statement best compares the laws of supply and demand?

The two economic laws exist in theory. They have no relation to economics in the real world.

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

The two economic laws work in practice. They apply to real-world economics eighty percent of the time.

The two economic laws work in practice. They prove to be true in the real world one hundred percent of the time.

The point where supply and demand meet and prices are set is called

coordination.

correspondence.

equality.

equilibrium.

On a supply and demand graph, equilibrium is the point where

the two curves meet.

the supply curve begins.

the supply curve ends.

the demand curve ends.

A market supply schedule shows

the products of two companies only.

the prices and quantity in an entire market.

how prices affect a single producer.

how prices affect a group of consumers.

The vertical axis of a demand curve shows

the price of a product.

the supply of a product.

the interest in a product.

the production cost of a product.

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The Law of Supply and Demand Answers

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