Law of Demand Quiz
Test your understanding of the fundamental economic principle of demand and its real-world applications.
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Quiz Questions & Answers
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Question 1: What is the basic relationship described by the law of demand?
As price increases, quantity demanded increases
As price increases, quantity demanded decreases
Price and quantity demanded have no relationship
As price decreases, quantity demanded decreases
Question 2: Which of the following is NOT an assumption of the law of demand?
Consumer preferences remain constant
Prices of other goods remain constant
Income levels must increase
Consumer's income remains constant
Question 3: In a demand curve graph, what does a downward slope indicate?
Increasing supply
The law of demand in action
Market equilibrium
Price elasticity
Question 4: Which scenario represents an exception to the law of demand?
Luxury goods during price increases
Basic food items
Electronic devices
Household supplies
Question 5: What happens to the demand curve when consumer income increases?
The curve stays the same
The curve shifts right
The curve shifts left
The curve becomes steeper
Question 6: What economic concept explains why consumers buy less when prices rise?
Supply effect
Income effect
Equilibrium effect
Price effect
Question 7: How does the law of demand relate to consumer surplus?
They have no relationship
Consumer surplus increases as prices rise
Consumer surplus represents the area below the demand curve and above price
Consumer surplus only exists in monopolies
Question 8: What happens to quantity demanded when the price of a complement good increases?
Quantity demanded increases
Quantity demanded decreases
Quantity demanded remains unchanged
The relationship is unpredictable