Questions and Answers
The law of demand states that as prices rise, customers buy less.
True
The law of supply and demand is based on two other economic laws: the law of supply and the law of demand.
True
According to the law of supply and demand, if the supply of a good or service exceeds the demand, prices will rise.
False
Understanding the law of supply and demand can help businesses meet customer demand while maintaining healthy profits and minimizing excess stock.
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If the supply of a good or service outstrips the demand for it, prices will fall.
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What is the result if the supply of a good or service outstrips the demand for it, according to the law of supply and demand?
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Which economic law states that as prices rise, customers buy less, according to the text?
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What does the law of supply state when prices rise?
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What does the law of demand state when prices rise?
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What does the law of supply and demand predict when supply exceeds demand for a good or service?
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