3.2 - Law of Demand
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Practice Questions
Test your understanding with targeted questions
What does the Law of Demand state?
💡 Hint: Think about how consumers react to price changes.
Name a factor affecting demand.
💡 Hint: What influences how much people are willing to buy?
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
Which of the following best describes the Law of Demand?
💡 Hint: Remember that higher prices lead to lower consumption.
True or False: Demand curves always slope upward.
💡 Hint: Consider the shape of the demand curve.
1 more question available
Challenge Problems
Push your limits with advanced challenges
An increase in the price of smartphones has led to a significant decrease in their quantity demanded. Analyze the implications this has on related goods, like smartphone accessories.
💡 Hint: Remember how complements interact with changes in price.
Evaluate how seasonal changes affect the demand for winter vs. summer clothing. Use the Law of Demand and consider income effects as well.
💡 Hint: Think about how timing and consumer income play a role.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.