Concept Quiz

Law of demand

• The law of scarcity
• The law of supply
• The law of demand describes the inverse relationship between price and quantity demanded.
• The law of equilibrium

Law of supply

• The law of demand

• The law of equilibrium

• The law of supply states that as the price of a good or service increases, the quantity supplied also increases.

• The law of scarcity

Market equilibrium

• The law of supply

• The law of demand

• Market equilibrium occurs when the quantity demanded in a market is equal to the quantity supplied.

• The law of scarcity

Equilibrium means

• A state of balance or stability where opposing forces or factors are equalized.
• A state of imbalance
• A condition of chaos
• A situation of stagnation

Law of demand

• The law of scarcity

• The law of supply

• The law of demand describes the inverse relationship between price and quantity demanded.

• The law of equilibrium

Law of equilibrium

• The law of demand

• The law of equilibrium

• The law of equilibrium states that in a market, the quantity demanded is equal to the quantity supplied.

• The law of scarcity

Scarcity in economics

• Abundance of resources

• Unlimited wants and limited resources

• Scarcity refers to the situation where human wants exceed the resources available to fulfill those wants.

• Equilibrium in supply and demand