Blank Quiz

The total amount of a product available in a market at a given price is called the

• count.
• demand.
• number.
• supply.

Which statement best explains the law of supply?

• The quantity supplied by producers increases as prices rise and decreases as prices fall.
• The quantity supplied by producers decreases as prices rise and increases as prices fall.
• The quantity supplied by consumers increases as prices rise and decreases as prices fall.
• The quantity supplied by consumers decreases as prices rise and increases as prices fall.

The amount of goods and services consumers want is called the

• count.
• demand.
• number.
• supply.

According to the law of demand, price and quantity move

• along a track in the same direction.
• along a track in opposite directions.
• from different points toward one another.
• from the same point away from one another.

According to the law of supply, price and quantity move

• along a track in the same direction.
• along a track in opposite directions.
• from different points toward one another.
• from the same point away from one another.

How do lower prices tend to affect demand?

• They tend to increase the availability of a product.
• They tend to decrease the availability of a product.
• They tend to increase the interest in a product.
• They tend to decrease the interest in a product.

The vertical axis of a demand curve shows

• the price of a product.
• the supply of a product.
• the interest in a product.
• the production cost of a product.

Based on the graph, which event could cause the change shown?

• A product becomes less popular and fewer customers purchase it.
• A product becomes more popular and more customers purchase it.
• A product sells out of stores and customers can no longer purchase it.
• A product is restocked on store shelves and is ready for customer purchase.

Which statement best explains the law of demand?

• The quantity demanded by consumers increases as prices rise, then decreases as prices fall.
• The quantity demanded by consumers decreases as prices rise, then increases as prices fall.
• The quantity demanded by producers increases as prices rise, then decreases as prices fall.
• The quantity demanded by producers decreases as prices rise, then increases as prices fall.

The point where supply and demand meet and prices are set is called

• coordination.
• correspondence.
• equality.
• equilibrium.