Answers MNPS Economics FTC 25-26Unit Test

The Law of Supply Answers

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Products whose demand rises when another product’s price increases are called

substitute goods.

complementary goods.

elastic goods.

clearance goods.

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Which best explains how the law of demand affects consumers?

It helps consumers know when prices are going down.

It helps consumers know when prices are going up.

It helps consumers tell producers when prices are too high.

It helps consumers tell producers when to make new goods.

Which best explains how the law of demand affects consumers?

It helps consumers know when prices are going down.

It helps consumers know when prices are going up.

It helps consumers tell producers when prices are too high. ✓ Correct

It helps consumers tell producers when to make new goods.

The law of demand applies most directly to which group?

buyers

sellers

producers

lawmakers

most

quantity.

price.

quality.

competition.

Which best summarizes how consumer demand changes?

Consumer demand changes over time based on few factors.

Consumer demand changes often based on many factors.

Consumer demand changes over time based on specific factors.

Consumer demand changes often based on few factors.

A demand curve shows how changes in

consumer demand affects income.

prices affect the consumer demand. ✓ Correct

prices affect complementary goods.

consumer demand affects substitute goods.

A demand curve shows how changes in

consumer demand affects income.

prices affect the consumer demand.

prices affect complementary goods.

consumer demand affects substitute goods.

best

loss of income

loss of supply

distribution problems

market problems

A factor that most influences changes in consumer demand is

quantity.

price.

quality.

competition.

Which best summarizes how consumer demand changes?

Consumer demand changes over time based on few factors.

Consumer demand changes often based on many factors. ✓ Correct

Consumer demand changes over time based on specific factors.

Consumer demand changes often based on few factors.

The graph shows a demand curve.The graph shows the demand curve shifting from D (orange) to D₁ (blue), with the new curve located to the left of the original curve.Which statement best explains this change?

A decrease in quantity demanded caused by an increase in the product's price.

A decrease in demand caused by a fall in income or a fall in the price of a substitue good.

An increase in demand caused by higher consumer income.

A movement along the demand curve caused by a price change.

A decrease in quantity demanded caused by an increase in the product's price.

A decrease in demand caused by a fall in income or a fall in the price of a substitue good.

An increase in demand caused by higher consumer income.

A movement along the demand curve caused by a price change.

An example of complementary goods would be

computers and printers.

cars and trucks.

sheets and towels.

food and clothing.

The graph shows a demand curve.Which most likely accounts for the changes shown on the demand curve?

More consumers want a product. ✓ Correct

Fewer consumers want a product.

The price of a product rises a little.

The price of a product rises sharply.

The chart shows a combined supply and demand schedule.

The cost to make a pair of shoes will rise.

A scarcity of shoes will result.

Profits from selling shoes will increase.

Consumers will want to buy fewer pairs of shoes.