Econ (Assign Ans) Quiz 2023 with complete solution
Use the drop-down menu to complete each statement.
The law of supply states that as the price of a good rises, the supply of that good
will .
According to the law of supply, as the price of a good falls, the supply of that
good will .
increase, decrease
when producers supply more or less of it based on changing prices.
elastic
when producers do not change how much of it is supplied when prices change.
inelastic
In the sample scenario, what does this mean about the elasticity of wheat in
relation to supply?
Wheat is elastic.
Based on the information presented in the scenario, which factor is affecting the
supply created by the furniture company?
ability to produce
Refer to the chart, and then use the drop-down menu to complete each statement.
The supply of jeansas the price rises.
When the price per pair is $50, the quantity supplied is.
As the price increases from $20 to $60, the quantity supplied increases by.
is increasing, 40, 40
Which change is illustrated by the shift taking place on this graph
a decrease in supply
Supply is a powerful force in a free market.
In two to three sentences, explain some of the factors that cause shifts in supply
and what effects these shifts may have.
Shifts in supply occur when the amount of goods available increases or decreases.
Shifts in supply can happen when prices change, when competitors produce similar
goods, or when the availability of labor or resources changes.
What is the point at which supply and demand intersect at a given price?
equilibrium point
The price of a product has dropped greatly, and store owners do not have enough
of the item to meet demand.
Demand for a new truck is beginning to decrease, but car dealerships still have
too many of these trucks on their lots.
The price for a popular holiday toy has risen too high, and consumers are not
purchasing items in stock in stores.
excess demand, excess supply, excess supply
Match each term with the correct part of the graph.
B,A,C
On this graph, the equilibrium point occurs at which price?
$9
Use this graph to answer the following questions.
In this example, what is occurring within the market?
Use the drop-down menu to complete each statement.
The law of supply states that as the price of a good rises, the supply of that good
will .
According to the law of supply, as the price of a good falls, the supply of that
good will .
increase, decrease
when producers supply more or less of it based on changing prices.
elastic
when producers do not change how much of it is supplied when prices change.
inelastic
In the sample scenario, what does this mean about the elasticity of wheat in
relation to supply?
Wheat is elastic.
Based on the information presented in the scenario, which factor is affecting the
supply created by the furniture company?
ability to produce
Refer to the chart, and then use the drop-down menu to complete each statement.
The supply of jeansas the price rises.
When the price per pair is $50, the quantity supplied is.
As the price increases from $20 to $60, the quantity supplied increases by.
is increasing, 40, 40
Which change is illustrated by the shift taking place on this graph
a decrease in supply
Supply is a powerful force in a free market.
In two to three sentences, explain some of the factors that cause shifts in supply
and what effects these shifts may have.
Shifts in supply occur when the amount of goods available increases or decreases.
Shifts in supply can happen when prices change, when competitors produce similar
goods, or when the availability of labor or resources changes.
What is the point at which supply and demand intersect at a given price?
equilibrium point
The price of a product has dropped greatly, and store owners do not have enough
of the item to meet demand.
Demand for a new truck is beginning to decrease, but car dealerships still have
too many of these trucks on their lots.
The price for a popular holiday toy has risen too high, and consumers are not
purchasing items in stock in stores.
excess demand, excess supply, excess supply
Match each term with the correct part of the graph.
B,A,C
On this graph, the equilibrium point occurs at which price?
$9
Use this graph to answer the following questions.
In this example, what is occurring within the market?
