Law of Demand

Law of Demand

12th Grade

15 Qs

quiz-placeholder

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Law of Demand

Law of Demand

Assessment

Passage

Social Studies

12th Grade

Medium

Used 2+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the law of demand tell us?

Raising the price of a product will decrease the quantity demanded

Raising the price of a product will increase the quantity demanded

Lowering the price of a product will increase the quantity demanded

Lowering the price of a product will decrease the quantity demanded

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a formal economic sense, what does the word 'demand' refer to?

The relationship between price and quantity demanded

A specific quantity of a product

The price of a product

The relationship between supply and demand

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a demand schedule?

A table showing the relationship between price and quantity demanded

A graph showing the relationship between price and quantity demanded

A graph showing the relationship between price and demand

A table showing the relationship between price and demand

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the relationship between price and quantity demanded according to the law of demand?

Inversely proportional

Constant

Directly proportional

Unrelated

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the demand curve represent?

The relationship between supply and demand

The relationship between price and demand

The relationship between price and quantity demanded

The relationship between quantity demanded and supply

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the demand curve when demand changes?

It becomes flatter

It disappears

It becomes steeper

It shifts

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the quantity demanded refer to?

The price of a product

The specific quantity of a product demanded at a given price

The relationship between supply and demand

The relationship between price and quantity demanded

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