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WHALES AS: Demand & Supply

Authored by Mohammad Husain

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12th Grade

Used 2+ times

WHALES AS: Demand & Supply
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18 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Assume that rice is a substitute for potatoes. If there is a decrease in the supply of potatoes, what is likely to happen to the market for rice in the short run?

A Demand will decrease and the price will decrease.

B Demand will increase and the price will increase.

C Supply will decrease and the price will increase.

D Supply will increase and the price will decrease.

A

B

C

D

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

In the diagram, point X shows the equilibrium price and quantity for a fruit drink. The government announces that the ingredients used in the drink can be harmful. Which point, A, B, C or D, is most likely to represent the new equilibrium after consumers hear this announcement?

A

B

C

D

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

The table shows observations of a competitive market in equilibrium in two periods. What could explain the change from period 1 to period 2?

A an increase in the price of a complement

B an increase in the price of a substitute

C the imposition of an indirect tax on suppliers

D the imposition of a minimum price of 60 cents by a government

A

B

C

D

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

In the last ten years e-mail has increasingly been used in preference to postal services. Which graph shows the changes in the market for postal services?

A

B

C

D

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

During a certain period, 10 000 units of a normal good are sold at a price of 20c. During a later period, 12 000 units are sold at a price of 22c. What could explain this change?

A a reduction in consumers' incomes

B an increase in the cost of raw materials

C an increase in the price of a substitute commodity

D an increase in the productivity of factors of production

A

B

C

D

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which piece of information would enable you to construct the market demand curve for a product?

A the equilibrium price of the product

B the number of consumers who would purchase the product at each price

C the number of firms in the industry

D the quantity that each consumer would be willing and able to buy at each price

A

B

C

D

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is most likely to increase the demand for compact disc players?

A a fall in disposable incomes

B a fall in the price of cinema tickets

C a fall in the price of compact discs

D a fall in the price of video recorders

A

B

C

D

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