Copyright

Law of Supply: Definition & Example

Instructions:

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

question 1 of 3

What is the law of supply?

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

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?

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

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
Support