Laws of Demand And Supply - SS2 Economics Past Questions and Answers - page 1
What is the law of demand?
As the price of a good or service increases, the quantity demanded of that good or service increases.
As the price of a good or service decreases, the quantity demanded of that good or service decreases.
As the price of a good or service increases, the quantity supplied of that good or service increases.
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What is the law of supply?
As the price of a good or service increases, the quantity demanded of that good or service increases.
As the price of a good or service decreases, the quantity demanded of that good or service decreases.
As the price of a good or service increases, the quantity supplied of that good or service increases.
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What happens to the quantity demanded when the price of a good increases?
 It decreases
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It increases
It remains the same
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What happens to the quantity supplied when the price of a good decrease?
It increases
It decreases
It remains the same
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What happens to the equilibrium price and quantity when demand and supply both increase?
The equilibrium price increases and the equilibrium quantity decreases.
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The equilibrium price increases and the equilibrium quantity increases.
The equilibrium price decreases and the equilibrium quantity increases.
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What is the law of demand based on?
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What is the law of supply based on?
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