Practice Quiz

FSOT: 500 Test Prep Study Questions

Category - Economics

Start a Study Session Sign up for Question of the Day
A new dog toy is introduced in pet stores in April for $19.99, but by December the toy is being sold for $4.99. According to the law of supply and demand which is most likely to be true about the dog toy?
  1. Supply for the toy was low but demand was high
  2. Supply for the toy was high but the demand was low
  3. Both the supply and the demand for the toy were low
  4. Both the supply and the demand for the toy were high
  5. Answer cannot be determined
Explanation
Answer: B - Supply for the toy was high but the demand was low.
Previous Next
Was this helpful? Upvote!
See additional answers
Login to contribute your own answer or details
Start a Study Session Sign up for Question of the Day

Additional Answers

Ted Chan, MBA says:

Could also be manufacturing scale or learning costs driving down cost basis. : )

Top questions

Related questions

Most popular on PracticeQuiz