The Law of Demand Quiz

WellIntentionedJoy avatar
By WellIntentionedJoy

Quiz

Flashcards

3 Questions

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?

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.

Make Your Own Quiz

Transform your notes into a shareable quiz, with AI.

Get started for free

More Quizzes Like This

The Law of Demand Quiz
3 questions
The Law of Demand Quiz
InterestingDiopside avatar
InterestingDiopside
Quiz sur l'offre et la demande
13 questions
The Law of Demand Quiz
10 questions
The Law of Demand Quiz
UnmatchedTsavorite avatar
UnmatchedTsavorite
Market Demand and Supply Quiz
10 questions
Market Demand and Supply Quiz
InsightfulCarnelian3370 avatar
InsightfulCarnelian3370