ECO 100 Quiz Week 2 with Answers (20 out of 20 points)

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Questions

  1. What is the term economists use to refer to the relationship that a higher price leads to a lower quantity demand?
  2. According to the law of supply:
  3. The nature of demand indicates that as a price of a good increases:
  4. When economists talk about supply, they are referring to a relationship between price received for each unit sold and the __________.
  5. A demand curve shows the relationship between price and __________ on a graph.
  6. In economics, the demand for a good refers to the amount of good that people:
  7. Which of the following would reduce the supply of microcomputers?
  8. What is the term for the total number of units that are purchased at that price?
  9. What is enacted when discontented sellers, feeling that prices are too low, appeal to legislators to keep prices from falling?
  10. A supply curve is a graphical illustration of the relationship between price, shown on the vertical axis, and __________ shown on the horizontal axis.