The Law of Supply and Demand

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How do lower prices tend to affect demand?

They tend to increase the interest in a product.

According to the law of supply, price and quantity move

along a track in the same direction.

The chart compares the price of graphic T-shirts to the quantity demanded.

This chart shows the link between

interest in a product and the price a consumer pays.

The point where supply and demand meet and prices are set is called


How do changing prices affect supply and demand?

NOT As price increases, both supply and demand increase. NOT As price decreases, both supply and demand decrease. NOT As price increases, supply decreases, but demand increases.

How might a drop in price for washing machines affect the demand for dryers?

The demand for dryers would most likely increase as the price for washing machines dropped.

The vertical axis of a demand curve shows

the price of a product.

The graph examines the market for graphic T-shirts.

Based on the graph, which event could cause the change shown?

A product becomes less popular and fewer customers purchase it.

A market supply schedule shows

the prices and quantity in an entire market.

Which statement best compares the laws of supply and demand?

NOT The two economic laws exist in theory. They have no relation to economics in the real world.

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