Supply and demand

The supply curve always slopes in what direction?

• Up

• Down

• Up to down

• Down to up

Demand curve slopes in what direction?

• Up

• Down

• Down to up

• Up to down

Price is the determining factor of both supply and demand

• True

• False

When graphing supply and demand,price is always on which axis?

• Vertical

• Horizontal

If demand is high,how will supply be affected?

• Supply will stay the same

• Supply will go up

• Supply will go down

If you increase the price of your good,what will usually happen to demand?

• Demand goes up

• Demand goes down

• Demand stay same

In the Law of Supply, increase in price result in

• Decrease of quantity supplied

• Increase of quantity supplied

The Law of Demand helps to explain social behaviour

• True

• False

Which of the following is not a component of demand ?

• Desire

• Willingness

• Surplus

A hurricane hit the gulf coast of closing oil refineries,what will happen to the price of oil?

• It will decrease

• It will increase

• It will go crazy

• It will remain the same