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Lesson 3 Quiz

Lesson 3 Quiz

Q Question 1 1 / 1 pts The law of demand is a statement that relates which two variables? Question 2 1 / 1 pts Which of the following are the best examples of substitutes? Question 3 1 / 1 pts An increase in quantity demanded is demonstrated by IncorrectQuestion 4 0 / 1 pts The law of supply is a statement that relates which two variables? Question 5 1 / 1 pts Which of the following will cause a leftward shift in the supply of cereal?

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1.price and quantity demanded The law of demand states that there is a negative relationship between price and quantity demanded. 2.pens and pencils Pens and pencils are the best examples of substitutes because they can be consumed in place of each other. The other examples are complements because they are typically consumed together. 3.a rightward movement along the demand curve. 4.price and quantity demanded 5.An increase in the price of sugar, an input. An increase in the cost of an input causes a decrease in the supply of cereal. The other options all cause an increase in the supply of cereal.