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What is the Law of Demand in Economics? - Definition & Example

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

The law of demand says what?

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1. How do economists define 'demand'?

2. When the price of strawberries goes down, how many strawberries will people probably buy?

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About This Quiz & Worksheet

This quiz measures your understanding of economics and the law of demand. Vocabulary terms that you'll need to understand to pass this quiz include law of demand and how economists define demand.

Quiz & Worksheet Goals

Use these assessment tools to gauge your understanding of:

  • What the law of demand states
  • What affects demand and how
  • The scenarios that are exceptions to this economic rule

Skills Practiced

  • Information recall - access the knowledge you've gained regarding the law of demand and its importance in economics
  • Making connections - use understanding of the law of demand and how it relates to the prices of everyday goods and services
  • Reading comprehension - ensure that you draw the most important information from the related lesson on law of demand and when it does and does not apply

Additional Learning

To learn more about this topic, please review the accompanying lesson called What is the Law of Demand in Economics? - Definition and Example. The objectives of this lesson include:

  • Understand the core economic principle of the law of demand
  • Apply this economic rule to how goods and services are priced in your everyday life
  • Examine situations where the law of demand does not have an effect on the economic decisions of individuals
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