What is the law of demand and how does it relate to price and quantity?
Understanding Market Equilibrium

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5 questions
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1.
OPEN ENDED QUESTION
3 mins • 1 pt
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2.
OPEN ENDED QUESTION
3 mins • 1 pt
Describe the relationship between supply and price according to the law of supply.
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3.
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3 mins • 1 pt
Explain the concept of equilibrium price in a market.
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4.
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3 mins • 1 pt
What happens when the price rises above the equilibrium price?
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5.
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3 mins • 1 pt
How does excess demand affect market prices?
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