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Supply & demand basics

Economics & Finance · Microeconomics — markets

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About this practice set

Supply & demand basics is a Economics & Finance quiz (Microeconomics — markets) with 5 multiple-choice questions. Pick an answer and read the explanation that follows.

What you will be asked

  • The law of demand states that, all else equal, as price rises:
  • The law of supply states that, as price rises:
  • A change in income that shifts the demand curve is a change in:
  • If the price of coffee rises and demand for tea rises, the goods are:
  • A movement along the demand curve is caused by: