The Law of Supply and Demand Answers
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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.2
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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 $63
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.4
The point where supply and demand meet and prices are set is called
A
coordination.B
correspondence.C
equality.D
equilibrium.5
The graph examines the market for graphic T-shirts.
A
A product becomes less popular and fewer customers purchase it.B
A product becomes more popular and more customers purchase it.C
A product sells out of stores and customers can no longer purchase it.D
A product is restocked on store shelves and is ready for customer purchase.6
A market supply schedule shows
A
the products of two companies only.B
the prices and quantity in an entire market.C
how prices affect a single producer.D
how prices affect a group of consumers.7
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.8
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.9
How do changing prices affect supply and demand?
A
As price increases, both supply and demand increase.B
As price decreases, both supply and demand decrease.C
As price increases, supply decreases, but demand increases.D
As price decreases, supply decreases, but demand increases.10
The amount of goods and services consumers want is called the
A
count.B
demand.C
number.D
supply.Did you find these answers helpful?
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