The Law of Supply and Demand Answers
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A factor that most directly affects the demand for automobiles is
A
the individual tastes and preferences of buyers.B
the cost of raw materials and natural resources.C
the availability of workers in automobile factories.D
a company's ability to respond to buyers' interest.2
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The chart compares the price of graphic T-shirts to the quantity demanded.
A
interest in a product and the price a consumer pays.B
interest in a product and the price a producer pays.C
amount of a product and the price a consumer pays.D
amount of a product and the price a producer pays.3
Which factor most directly affects a furniture company's supply?
A
the growing number of furniture buyers in the marketB
the availability of raw materials and natural resourcesC
a change in the price of rugs and other complementary goodsD
an increased interest in antique furniture over modern furniture4
Look at the graph examining the market for graphic T-shirts.
A
5 graphic T-shirts on sale for $6B
10 graphic T-shirts on sale for $30C
30 graphic T-shirts on sale for $10D
55 graphic T-shirts on sale for $65
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.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
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.8
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.9
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.10
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.Did you find these answers helpful?
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