Untitled video quiz

What does the Law of Demand state about the relationship between price and quantity demanded?

• A direct relationship.

• An inverse relationship.

• No relationship.

• A proportional relationship.

Which of the following factors causes a movement along the demand curve, rather than a shift of the entire curve?

• Changes in consumer preferences.

• Changes in the price of related goods.

• Changes in the price of the good itself.

• Changes in consumer income.

If the price of resources used to produce a good increases, what will happen to the supply of that good?

• Supply will increase, shifting the curve to the right.

• Supply will decrease, shifting the curve to the left.

• Quantity supplied will increase, moving along the curve.

• Quantity supplied will decrease, moving along the curve.

What occurs when the quantity demanded is greater than the quantity supplied at a given price?

• A surplus.

• Equilibrium.

• A shortage.

• A price ceiling.

If a new study reveals that consuming ice cream makes people smarter, how would this likely affect the equilibrium price and quantity of ice cream?

• Price would decrease, and quantity would decrease.

• Price would increase, and quantity would decrease.

• Price would increase, and quantity would increase.

• Price would decrease, and quantity would increase.