Understanding the Market Through Supply and Demand , Economics Homework Help

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nswer the following question using the market demand schedule that appears below.  At the $4.00 price consumers demand 150 root beer floats per day.TRUEFALSE2 points  QUESTION 2When there are more buyers for a product than there is a supply, a shortage is created.TRUEFALSE2 points  QUESTION 3Price ceilings are created to keep products affordable for consumers.TRUEFALSE2 points  QUESTION 4Demand curves are helpful to producers because they help them to predict how the demands of consumers may change when there is a change in available quantities.TRUEFALSE2 points  QUESTION 5Answer the following question using the market supply curve that appears below.  Producers will supply 700 video games per day at $12.00 per game.TRUEFALSE2 points  QUESTION 6The number of video games supplied by the producer at a particular price is known as the quantity supplied.TRUEFALSE2 points  QUESTION 7The substitution effect states that, as the price of one good rises, consumers are more likely to purchase a cheaper alternative.TRUEFALSE2 points  QUESTION 8Production increases affect the quantity supplied of an item.TRUEFALSE2 points  QUESTION 9Government payments to suppliers are called bonds.TRUEFALSE2 points  QUESTION 10Market demand schedules help businesses decide at what locations they should sell the items they produce.TRUEFALSE2 points  QUESTION 11As prices rise, companies increase production.TRUEFALSE2 points  QUESTION 12The law of demand is very important to the study of economics.TRUEFALSE2 points  QUESTION 13Government payments to suppliers are called price adjustments.TRUEFALSE2 points  QUESTION 14The law of demand is not important to the study of economics.TRUEFALSE2 points  QUESTION 15As the supply of a good or services increases, the less money consumers will be willing to pay for the good or service.TRUEFALSE2 points  QUESTION 16The law of supply is defined as the willingness of producers to supply more of a good as the price of the good decreases.TRUEFALSE2 points  QUESTION 17Answer the following question using the market supply curve that appears below.  At the $12.00 price, producers will make 600 video games per day.TRUEFALSE2 points  QUESTION 18 In the individual demand schedule above, an individual demands 150 boxes at the $5.00 price.TRUEFALSE2 points  QUESTION 19Supply curves are horizontal.TRUEFALSE2 points  QUESTION 20Supply schedules take a variety of factors into account and assume that nothing stays the same.TRUEFALSE2 points  QUESTION 21The economic effect is one of the factors that cause a change in demand.TRUEFALSE2 points  QUESTION 22Answer the following question using the market supply curve that appears below.  At $14.00 per game, producers make 800 video games per day.TRUEFALSE2 points  QUESTION 23Answer the following question using the market supply schedule that appears below.  Producers will supply 400 video games per day at $10.00 per game.TRUEFALSE2 points  QUESTION 24Price ceilings are often established in order to keep products affordable for consumers.TRUEFALSE2 points  QUESTION 25Supply curves are created when the data from a store’s daily receipts is collected.TRUEFALSE2 points  QUESTION 26A price floor is a minimum price that the government establishes by law.TRUEFALSE2 points  QUESTION 27When a seller notices she is not selling much of a particular product, she will most likely reduce the price of the item.TRUEFALSE2 points  QUESTION 28Supply is how much of a good or service producers make available to producers.TRUEFALSE2 points  QUESTION 29The law of demand states that:as the price of good decreases, consumers will buy more of that good.as the price of good increases, consumers will buy less of that good.as the price of good increases, consumers will buy more of that good.none of these2 points  QUESTION 30If a seller notices he or she is not selling much of a particular product, he or she is most likely going to:pull the item off of the shelf.reduce the price of the item.increase the price of the item.place more of the item on the shelf.2 points  QUESTION 31 In the individual demand schedule above, how many boxes of peanut butter clusters does an individual demand per at $1.00 per box?1 box2 boxes3 boxes4 boxes2 points  QUESTION 32Based on the law of demand, as the price of a good decreases, consumers will buy more of that good.TRUEFALSE2 points  QUESTION 33Answer the following question using the market supply schedule that appears below.  At the $10 price producers will supply 400 video games per day.TRUEFALSE2 points  QUESTION 34Answer the following question using the market supply schedule that appears below.  Producers will supply 200 video games per day at $8.00 per game.TRUEFALSE2 points  QUESTION 35As the supply of a product increases, the less money consumers will be willing to pay for the product.TRUEFALSE2 points  QUESTION 36Companies try to produce more so they can earn higher profits.TRUEFALSE2 points  QUESTION 37Market demand schedules provide information that relates to the demand of all:  adultsconsumersproducerssellers2 points  QUESTION 38When the quantity demanded for a good is elastic, it means the demand for the product is not influenced by price changes.TRUEFALSE2 points  QUESTION 39Answer the following question using the market demand schedule that appears below.  At the price of $2.00 consumers demand 300 root beer floats per day.TRUEFALSE2 points  QUESTION 40Answer the following question using the market demand schedule that appears below.  At $3.00 per float, consumers would demand 150 floats per day.TRUEFALSE2 points  QUESTION 41 Using the equilibrium graph above, answer the following question.If consumers demand a quantity of 100 at $4.00 per item and suppliers supply 200 of the item at $4.00, then a surplus is created.TRUEFALSE2 points  QUESTION 42Answer the following question using the market demand schedule that appears below.  In order to sell the most floats, producers should price the root beer floats at $1.00 each.TRUEFALSE2 points  QUESTION 43Demand for pizza is usually considered to be elastic.TRUEFALSE2 points  QUESTION 44 In the individual demand schedule above, an individual would demand 1 box of peanut butter clusters at $4.00 per box.TRUEFALSE2 points  QUESTION 45 An individual firm will supply 50 boxes of peanut butter clusters at $1.00 per box.TRUEFALSE2 points  QUESTION 46Demand for gasoline is usually considered to be elastic.TRUEFALSE2 points  QUESTION 47When someone is willing to continue to purchase a good even though its price rises dramatically, the demand for the good is said to beelastic.inelastic.flexible.unaffected.2 points  QUESTION 48Producers want to make as much profit as possible.TRUEFALSE2 points  QUESTION 49Demand for milk is usually considered to be elastic.TRUEFALSE2 points  QUESTION 50Answer the following question using the market demand curve that appears below.  At the $5.00 price consumers demand 50 root beer floats per day.TRUEFALSE2 points  Click Save and 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