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WorksheetsDemand and Supply MCQs for SS2
Total questions: 10
Worksheet time: 5mins
Which of the following factors does NOT affect the demand for a good?
Price of the good
Price of substitute goods
Technology used in production
Consumer income
When the price of a product falls, the quantity demanded usually:
Increases
Decreases
Remains constant
Becomes zero
A shift in the demand curve to the right indicates:
An increase in demand
A decrease in demand
A decrease in supply
An increase in price
Which of the following is likely to cause a shift in the supply curve to the left?
Improvement in technology
Increase in production costs
A fall in the price of substitute goods
Increase in consumer income
The law of demand states that:
As price increases, demand increases
As price increases, demand decreases
As demand increases, price decreases
Demand and price are unrelated
If two goods are complementary, a rise in the price of one will:
Increase the demand for the other
Decrease the demand for the other
Not affect the demand for the other
Increase the supply of the other
A movement along the demand curve is caused by:
A change in the price of the good
A change in consumer income
A change in the price of a substitute good
A change in consumer preferences
Which of the following best describes equilibrium price?
The price at which demand is highest
The price at which supply is highest
The price at which quantity demanded equals quantity supplied
The price at which sellers maximize profit
A rightward shift in the supply curve is likely to occur due to:
A decrease in production costs
A decrease in consumer demand
An increase in taxes
An increase in the price of raw materials
Which of the following is NOT a factor that can shift the demand curve?
Changes in consumer preferences
Changes in the price of the good itself
Changes in population size
Changes in the price of related goods
