The Law of Supply and Demand Quiz
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Questions and Answers

Which economic principles does the law of supply and demand describe?

  • The law of competition and the law of monopoly
  • The law of scarcity and the law of opportunity cost
  • The law of diminishing returns and the law of substitution
  • The law of supply and the law of demand (correct)

    • What happens to supply and demand when the price of a product increases?

  • Supply falls and demand falls
  • Supply falls and demand rises
  • Supply rises and demand rises
  • Supply rises and demand falls (correct)

    • What happens to supply and demand when the price of a product decreases?

  • Supply rises and demand rises
  • Supply falls and demand rises (correct)
  • Supply rises and demand falls
  • Supply falls and demand falls

    • What does the intersection of the supply and demand curves represent?

    <p>The lowest price at which demand equals supply</p> Signup and view all the answers

    What does the law of supply and demand represent in the marketplace?

    <p>The process of price discovery</p> Signup and view all the answers

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