The Law of Supply and Demand

Question 1

This graph shows the equilibrium point at which price?

Revolt · Accepted Answer

B: $9

Question 2

What change is taking place on this graph?

Revolt · Accepted Answer

D: an increase in demand

Question 3

✔ risefallremain the same

Revolt · Accepted Answer

A: ✔ rise

Question 4

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

Revolt · Accepted Answer

B: an increase in supply

Question 5

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 6

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 7

Match each term with the correct part of the graph.

Revolt · Accepted Answer

B: ✔ B

Question 8

✔ AX BC

Revolt · Accepted Answer

A: A

Question 9

Equilibrium point:[___]

Revolt · Accepted Answer

C: C

Question 10

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

Revolt · Accepted Answer

: excess supply; : fall

The Law of Supply and Demand Answers