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The Law of Supply and Demand Answers

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1
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Which factor most directly affects a furniture company's supply?

A
the growing number of furniture buyers in the market
B
the availability of raw materials and natural resources
C
a change in the price of rugs and other complementary goods
D
an increased interest in antique furniture over modern furniture
2
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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

Which statement best explains the law of demand?

A
The quantity demanded by consumers increases as prices rise, then decreases as prices fall.
B
The quantity demanded by consumers decreases as prices rise, then increases as prices fall.
C
The quantity demanded by producers increases as prices rise, then decreases as prices fall.
D
The quantity demanded by producers decreases as prices rise, then increases as prices fall.
4

According to the law of demand, price and quantity move

A
along a track in the same direction.
B
along a track in opposite directions.
C
from different points toward one another.
D
from the same point away from one another.
5

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.
6

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.
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

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.
9

According to the law of supply, price and quantity move

A
along a track in the same direction.
B
along a track in opposite directions.
C
from different points toward one another.
D
from the same point away from one another.
10

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.

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