1 Under the health care law, you must have qualifying health coverage or pay a fee on your next federal tax return.  The penalty in 2016 is 2.5% of household income or $695 per adult (half of that per child), whichever is higher. Learn more about the fee for not being covered.
The law of supply is a fundamental principle of economic theory which states that, all else equal, an increase in price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes.
The law of demand states that consumers purchase more goods when the price is low and less when the price is high. The law says that the quantity demanded and the price of a commodity is inversely related, meaning higher demand-lower price and vice versa; but the catch is that all other factors must remain constant.