Unit 3 Quiz 1

Do individuals supply or demand?

• Supply

• Demand

• Both supply and demand

• Neither supply nor demand

Do businesses supply or demand?

• Supply

• Demand

• Both supply and demand

• Neither supply nor demand

Who demands in the product market?

• Consumers

• Producers

• Government

• Foreign buyers

Who supplies in the product market?

• Consumers

• Government

• Producers

• Non-profit organizations

What happens to the demand for assembly line workers if the price of robots falls?

• It increases significantly

• It remains the same

• It decreases

• It fluctuates unpredictably

What happens to the demand for loggers if the price of lumber increases significantly?

• The demand for loggers decreases

• The demand for loggers increases

• The demand for loggers remains unchanged

• It depends on other market factors

What is the effect on the market for lawyers if there is an increase in the demand for lawyers?

• The market for lawyers becomes more competitive.

• The salaries of lawyers decrease.

• The demand for legal education increases.

• No significant effect on the market.

What is the effect on the market for lawyers if there is a decrease in the number of law schools?

• Increase in demand for lawyers

• Decrease in demand for lawyers

• Increase in the supply of lawyers

• Decrease in the supply of lawyers

What is the effect on the market for lawyers if there is a decrease in the price of software that performs the same tasks as lawyers?

• Increase in demand for lawyers

• Decrease in demand for lawyers

• No change in the market for lawyers

• Increase in the price of legal services

What is the effect on the market for lawyers if there is an increase in the number of students that attend law school?

• Increases the competition for legal jobs

• Decreases the overall quality of legal services

• Reduces the cost of legal education

• Has no significant effect on the market