5 Questions
Which economic principles does the law of supply and demand describe?
The law of supply and the law of demand
What happens to supply and demand when the price of a product increases?
Supply rises and demand falls
What happens to supply and demand when the price of a product decreases?
Supply falls and demand rises
What does the intersection of the supply and demand curves represent?
The lowest price at which demand equals supply
What does the law of supply and demand represent in the marketplace?
The process of price discovery
Test your knowledge on the Law of Supply and Demand in economics! This quiz will assess your understanding of how changes in price affect supply and demand, and how these fundamental economic principles interact. Take the quiz now to see how well you grasp this important concept!
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