University:
Yeshiva University
Course:
ACC 2403 | Management Accounting
Academic year:

2024
Views:

116

Pages:

3
Author:

Arely A

The Law of Supply and Demand 1. The chart compares the price of graphic T-shirts to the interest in a prodquantity demanded. This chart shows the link between uct and the price a consumer pays. 2. The vertical axis of a demand curve shows the price of a product. 3. The point where supply and demand meet and prices equilibrium. are set is called 4. How do changing prices affect supply and demand? (X) As price increases, supply decreases, but demand increases. 5. The total amount of a product available in a market at supply. a given price is called the 6. Which factor most directly affects a furniture compa- (X) an increased interest in anny's supply? tique furniture over modern furniture 7. The graph examines the market for graphic T-shirts. The graph shows (X) an increase in consumer interest in a product. 8. According to the law of supply, price and quantity move along a track in opposite directions. 9. According to the law of demand, price and quantity move along a track in opposite directions. 10. How do lower prices tend to affect demand? (X) They tend to decrease the interest in a product. 11. A factor that most directly affects the demand for automobiles is (NOT SURE) the individual tastes The Law of Supply and Demand and preferences of buyers. 12. How might a drop in price for washing machines affect (NOT SURE) The demand for drythe demand for dryers? ers would most likely decrease as the price for washing machines dropped. 13. A market supply schedule shows (NOT SURE) the prices and quantity in an entire market. 14. Which statement best explains the law of supply? (NOT SURE) The quantity supplied by producers decreases as prices rise and increases as prices fall. 15. Which statement best explains the law of demand? (X) The quantity demanded by consumers increases as prices rise, then decreases as prices fall. 16. Which statement best compares the laws of supply and demand? (X) The two economic laws work in practice. They apply to real-world economics eighty percent of the time. 17. The graph examines the market for graphic T-shirts. (X) A product is restocked on store The Law of Supply and Demand Based on the graph, which event could cause the change shown? shelves and is ready for customer purchase.