Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

3 Questions

10 Views

The Law of Demand Quiz

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which of the following statements best describes the law of Demand?

The quantity demanded of a commodity increases when its price falls. (correct)

The quantity demanded of a commodity increases when its price rises.

The quantity demanded of a commodity decreases when its price rises.

The quantity demanded of a commodity decreases when its price falls.

According to the law of Demand, what is the relationship between the price and the quantity demanded of a commodity?

Direct relationship

Inverse relationship (correct)

Positive relationship

No relationship

What happens to the quantity demanded of a commodity when its price falls?

Remains constant

Fluctuates

Decreases

Increases (correct)

Study Notes

Which of the following statements best describes the law of Demand? According to the law of Demand, what is the relationship between the price and the quantity demanded of a commodity? What happens to the quantity demanded of a commodity when its price falls?

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Test your understanding of the Law of Demand with this quiz! Explore the inverse relationship between price and quantity demanded of a commodity, and see if you can grasp the concept of demand elasticity.