Test your understanding.
Lesson 11: Supply and Demand
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Question 1 of 6
Rebecca left for the store hoping to benefit from a huge sale on a
particular LCD TV. However, by the time she arrived, a sales clerk
informed her that the store had only stocked 10 of that particular TV,
and that they sold out of them within twenty minutes. And, of course,
there are no rain checks. How should we describe this situation?CorrectIncorrect
Question 2 of 6
This principle states that lower prices of a good or service tend to
make people want either the same or a greater amount of that good
Question 3 of 6
Ryan worked furiously in his studio, sculpting little trolls from manure.
However, no matter how little he asked for a price, he could find no
buyers. Someone might have told Ryan that there was probably little
____________ for manure-based troll sculptures?CorrectIncorrect
Question 4 of 6
The Law of Supply says thatCorrectIncorrect
Question 5 of 6
The Law of Demand says thatCorrectIncorrect
Question 6 of 6
Another word for a surplus is aCorrectIncorrect