WorksheetsApplie economics Week 3
Total questions: 10
Worksheet time: 10mins
The law of supply says that ―at higher prices, sellers will supply more of economic goods.
True
False
The upward slope of the supply curve illustrates the law of demand— ―higher price leads to a higher quantity supplied, and vice versa‖.
True
False
Time is important to supply because suppliers must react quickly to a change in demand or price.
True
False
The downward slope of the demand curve illustrates the law of supply—the inverse relationship between prices and quantity demanded.
True
False
A shift in a demand or supply curve occurs when quantity demanded or supplied changes even though price remains the same.
True
False
Explain the interaction between the sellers of a resource and the buyers for that resource.
Equilibrium
The law of demand
The law of supply
The law of supply and demand
It states that, higher the price, the higher the quantity supplied.
The law of supply
The law of demand
Constant
Curve
A movement refers to a change along a _________________.
Curve
Line
A shift in a demand or supply curve occurs when a good's quantity demanded or supplied changes even though price remains __________________________.
Resolute
Constant
Intermittent
Continuous
When Supply and demand are balanced, it is called ____________________.
Equilibrium
Balance
Equal
Proportionate
