The Law of Supply and Demand Answers
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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.2
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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.3
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.4
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.5
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 furniture6
Which statement best compares the laws of supply and demand?
A
The two economic laws exist in theory. They have no relation to economics in the real world.B
The two economic laws exist in theory. They work in practice, but real-world factors can have an effect.C
The two economic laws work in practice. They apply to real-world economics eighty percent of the time.D
The two economic laws work in practice. They prove to be true in the real world one hundred percent of the time.7
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 $68
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.9
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.10
The point where supply and demand meet and prices are set is called
A
coordination.B
correspondence.C
equality.D
equilibrium.Did you find these answers helpful?
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