The Law of Supply

Question 1

According to the law of demand, as prices decrease, the quantity demanded

Revolt · Accepted Answer

increases.

Question 2

An example of complementary goods would be

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computers and printers.

Question 3

most

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price.

Question 4

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

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substitute goods.

Question 5

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

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More consumers want a product. ✓ Correct

Question 6

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?

Revolt · Accepted Answer

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

Question 7

Which best summarizes how consumer demand changes?

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Consumer demand changes often based on many factors. ✓ Correct

Question 8

Maria purchases a premium brand of coffee at the grocery store for $8. Which would be considered a substitute good?

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a lower-priced brand of coffee

Question 9

best

Revolt · Accepted Answer

loss of income

Question 10

Consumer demand is defined as

Revolt · Accepted Answer

the willingness and ability people have to buy a good. ✓ Correct

The Law of Supply Answers

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