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The Downward-Sloping Demand Curve & the Upward-Sloping Supply Curve

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question 1 of 3

When the price of an item goes up, the law of demand states that the market's demand for that product should _____.

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1. The law of supply states that when the price of a good or service goes up, the supply of that product should _____.

2. The marketplace effect where consumers replace like goods with other like goods when price changes is referred to as _____

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About This Quiz & Worksheet

These study resources will help you to interpret your understanding of demand and supply curves. You will be tested on things like what the law of demand says will occur when the price of an item goes up and what happens to the supply of a product when the price of a service goes up.

Quiz & Worksheet Goals

Make proper use of these study tools to:

  • Identify the marketplace effect where consumers replace goods with other goods when prices change
  • Recognize how supply changes typically slope
  • Understand the factors that affect supply or demand

Skills Practiced

Practice the following study skills:

  • Making connections - use understanding of the concept of supply and demand and the factors that are connected to those fluctuations
  • Critical thinking - apply relevant concepts to examine information about the law of supply in a different light
  • Knowledge application - use your knowledge to answer questions about demand and supply curves

Additional Learning

This lesson named The Downward-Sloping Demand Curve & the Upward-Sloping Supply Curve will guide you along in your studies of supply and demand. Once you are through with the lesson, you will have covered these study objectives:

  • Define the law of demand
  • Explain the purpose of a demand curve
  • Recognize the law of supply
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