Law of Supply: Definition & Example


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question 1 of 3

What is the law of supply?

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1. Why is pricing a critical aspect of the law of supply?

2. Why may a company intentionally limit supply when consumers want more of a product?

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About This Quiz & Worksheet

The following quiz and worksheet combo will check your understanding of the law of supply and how it affects companies.

Quiz & Worksheet Goals

During the assessments, you will be tested on:

  • The law of supply
  • Why companies limit supplies
  • When people are willing to pay more for a product
  • When people are not willing to pay the asking price

Skills Practiced

  • Information recall - access the knowledge you've gained regarding the law of supply
  • Knowledge application - use your knowledge to answer questions about why pricing is a critical aspect of the law of supply
  • Critical thinking - apply relevant concepts to examine information about consumers in a different light

Additional Learning

To learn more about the law of supply, review the following lesson titled Law of Supply: Definition & Example. The lesson covers the following objectives:

  • Explains an example of the law of supply
  • Covers the importance of appeasing consumers
  • Explores the thought process of manufacturers