What does the law of demand tell us?
Law of Demand

Passage
•
Social Studies
•
12th Grade
•
Medium
Used 2+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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