Source: https://www.youtube.com/watch?v=Ss9Ct3_JFd4

2/ Which of the following is a correct illustration of the law of demand? As the price of a cow falls:

Group of answer choices

Amish farmers are willing to buy fewer of them.

Livestock breeders are willing to sell more of them.

Livestock breeders are willing to sell fewer of them.

Amish farmers are willing to buy more of them.

3/ Farmer Tom says that he would buy a cow if the price were $2000 but would buy "every cow at the auction" if the price were $500 per cow. Farmer Tom's statements illustrate:

Group of answer choices

Market equilibrium.

The law of supply.

The law of demand.

How an auction works.

4/ "The Demand Curve" includes interviews with Farmer Tom who explains that he is willing to buy more cows when the price of a cow is lower. The interviews are a correct illustration of:

Group of answer choices

The principle of the low hanging fruit.

The law of increasing costs.

The law of supply.

The law of demand.

5/ According to the law of demand, a very high price for a cow:

Group of answer choices

Signals livestock breeders to raise fewer cows.

Illustrates Benjamin Franklin's principle that time is money.

Illustrates the workings of Adam Smith's invisible hand.

Signals farmers to purchase fewer cows.

6/ The buyer of cows responds to lower prices with higher quantity demanded.

Group of answer choices

True

False

8/ An increase in the demand for a product will cause:

Group of answer choices

A higher equilibrium price and a higher equilibrium quantity.

A decrease in supply and a higher equilibrium price and a lower equilibrium quantity.

A lower equilibrium price and a lower equilibrium quantity.

An increase in supply and a lower equilibrium price and a higher equilibrium quantity.

9/ Which of the following would most likely result in an increase in the demand for cows?

Group of answer choices

a decrease in the price of chicken

a decrease in the price of pork

an increase in family incomes

a decrease in the price of cattle grazing land