Supply, Demand, and Equilibrium

Front

Which statement is correct about the Law of Demand?
When the price of a good decreases, quantity demanded decreases
When the price of a good decreases, quantity demanded increases

Back

When the price of a good decreases, quantity demanded increases

Front

In 2025, Apple manufactures the iMac G3 with all original technology, but it has very little interest from consumers. Which choice below best describes this scenario? Qs > Qd, Qd > Qs

Back

Qs > Qd

Front

Which statement is correct about the Law of Supply? When the price of a good decreases, quantity supplied decreases, When the price of a good decreases, quantity supplied increases

Back

When the price of a good decreases, quantity supplied decreases

Front

Is the blue line located in the graph representing a price ceiling or price floor?

Back

Price ceiling

Front

According to the supply and demand schedule, what is the equilibrium price? Options: $1.00, $1.25, $1.50, $1.75

Back

$1.25

Front

This farmer just had a price floor placed on his wheat crops, raising their price. Will this cause a shortage or a surplus of wheat?

Back

Surplus

Front

Based on the movement of the supply curve, did the equilibrium price increase or decrease?

Back

Increase

Front

Looking at these fully stocked shelves, which answer choice does this image represent?
Options: Qd > Qs, Qs > Qd

Back

Qs > Qd

Front

Does the red line located on the graph represent a price ceiling or price floor?

Back

Price floor

Front

The Atlanta City Council recently implemented rent control on apartments in the city -- rent cannot be higher than $1,200/month. As a result will there be a shortage or surplus of apartments?

Back

Shortage