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The Law of Supply and Demand
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The Law of Supply and Demand

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Questions and Answers

According to the law of supply and demand, what happens to supply as the price of a product increases?

  • Supply fluctuates
  • Supply remains the same
  • Supply increases (correct)
  • Supply decreases

    • According to the law of supply and demand, what happens to demand as the price of a product decreases?

  • Demand remains the same
  • Demand fluctuates
  • Demand increases (correct)
  • Demand decreases

    • What is the intersection of the supply and demand curves called?

  • Equilibrium (correct)
  • Supply and demand intersection
  • Price discovery
  • Market-clearing price

    • According to the law of demand, what happens to demand as the price of a product rises?

    <p>Demand decreases</p> Signup and view all the answers

    According to the law of supply, what happens to supply as the price of a product decreases?

    <p>Supply increases</p> Signup and view all the answers

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