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Politics And Government
Law
The Law Of Supply And Demand example #32413
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The Law Of Supply And Demand
Matias Gray
4 October 2022
4.7
(114 reviews)
17 test answers
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(13)
question
The chart compares the price of graphic T-shirts to the quantity demanded. This chart shows the link between
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interest in a product and the price a consumer pays.
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The vertical axis of a demand curve shows
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the price of a product.
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The point where supply and demand meet and prices are set is called
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equilibrium.
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How do changing prices affect supply and demand?
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(X) As price increases, supply decreases, but demand increases.
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The total amount of a product available in a market at a given price is called the
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supply.
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Which factor most directly affects a furniture company's supply?
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(X) an increased interest in antique furniture over modern furniture
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The graph examines the market for graphic T-shirts. The graph shows
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(X) an increase in consumer interest in a product.
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According to the law of supply, price and quantity move
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along a track in opposite directions.
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According to the law of demand, price and quantity move
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along a track in opposite directions.
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How do lower prices tend to affect demand?
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(X) They tend to decrease the interest in a product.
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A factor that most directly affects the demand for automobiles is
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(NOT SURE) the individual tastes and preferences of buyers.
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How might a drop in price for washing machines affect the demand for dryers?
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(NOT SURE) The demand for dryers would most likely decrease as the price for washing machines dropped.
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A market supply schedule shows
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(NOT SURE) the prices and quantity in an entire market.
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Which statement best explains the law of supply?
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(NOT SURE) The quantity supplied by producers decreases as prices rise and increases as prices fall.
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Which statement best explains the law of demand?
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(X) The quantity demanded by consumers increases as prices rise, then decreases as prices fall.
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Which statement best compares the laws of supply and demand?
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(X) The two economic laws work in practice. They apply to real-world economics eighty percent of the time.
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The graph examines the market for graphic T-shirts. Based on the graph, which event could cause the change shown?
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(X) A product is restocked on store shelves and is ready for customer purchase.
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