According to the law of supply, price and quantity move
answer
along a track in the same direction.
question
The chart compares the price of graphic T-shirts to the quantity demanded.
This chart shows the link between
answer
interest in a product and the price a consumer pays.
question
The point where supply and demand meet and prices are set is called
answer
equilibrium.
question
How do changing prices affect supply and demand?
answer
NOT As price increases, both supply and demand increase.
NOT As price decreases, both supply and demand decrease.
NOT As price increases, supply decreases, but demand increases.
question
How might a drop in price for washing machines affect the demand for dryers?
answer
The demand for dryers would most likely increase as the price for washing machines dropped.
question
The vertical axis of a demand curve shows
answer
the price of a product.
question
The graph examines the market for graphic T-shirts.
Based on the graph, which event could cause the change shown?
answer
A product becomes less popular and fewer customers purchase it.
question
A market supply schedule shows
answer
the prices and quantity in an entire market.
question
Which statement best compares the laws of supply and demand?
answer
NOT The two economic laws exist in theory. They have no relation to economics in the real world.
Haven't found what you need?
Search for quizzes and test answers now
Quizzes.studymoose.com uses cookies. By continuing you agree to our cookie policy
