Demand & Supply Essentials

Curves, movements, and equilibrium. Ideal for competitive exams and economics prep.

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QUESTION NO 01

Demand slopes downward mainly because?

Answer: As price falls, quantity demanded rises (ceteris paribus)

The law of demand links price and quantity demanded.

Shahzad Mahota @shahzad-mahota

302 Quizzes

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QUESTION NO 02

A movement along a demand curve is caused by?

Answer: A change in the good’s own price

Own-price changes cause movements along the curve.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 03

An increase in consumer income for a normal good shifts demand?

Answer: Rightward

Higher income raises demand for normal goods.

Shahzad Mahota @shahzad-mahota

302 Quizzes

2930 Questions

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QUESTION NO 04

Supply slopes upward mainly because?

Answer: Higher prices encourage more quantity supplied

The law of supply links price and quantity supplied.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 05

Market equilibrium is where?

Answer: Quantity demanded equals quantity supplied

Equilibrium clears the market at one price/quantity.

Shahzad Mahota @shahzad-mahota

302 Quizzes

2930 Questions

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QUESTION NO 06

A price ceiling set below equilibrium tends to cause?

Answer: A shortage

Quantity demanded exceeds quantity supplied.

Shahzad Mahota @shahzad-mahota

302 Quizzes

2930 Questions

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QUESTION NO 07

A price floor set above equilibrium tends to cause?

Answer: A surplus

Quantity supplied exceeds quantity demanded.

Shahzad Mahota @shahzad-mahota

302 Quizzes

2930 Questions

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QUESTION NO 08

Price elasticity of demand measures?

Answer: Responsiveness of quantity demanded to price changes

Elastic demand responds strongly to price changes.

Shahzad Mahota @shahzad-mahota

302 Quizzes

2930 Questions

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QUESTION NO 09

If demand is perfectly inelastic, the demand curve is?

Answer: Vertical

Quantity demanded does not change with price.

Shahzad Mahota @shahzad-mahota

302 Quizzes

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QUESTION NO 10

Consumer surplus is?

Answer: Benefit buyers get above what they pay

It is willingness to pay minus actual price.

Shahzad Mahota @shahzad-mahota

302 Quizzes

2930 Questions

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Demand & Supply Essentials

Demand slopes downward mainly because?

A movement along a demand curve is caused by?

An increase in consumer income for a normal good shifts demand?

Supply slopes upward mainly because?

Market equilibrium is where?

A price ceiling set below equilibrium tends to cause?

A price floor set above equilibrium tends to cause?

Price elasticity of demand measures?

If demand is perfectly inelastic, the demand curve is?

Consumer surplus is?

Published By

Shahzad Mahota

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Demand & Supply Essentials

Demand slopes downward mainly because?

Explanation

A movement along a demand curve is caused by?

Explanation

An increase in consumer income for a normal good shifts demand?

Explanation

Supply slopes upward mainly because?

Explanation

Market equilibrium is where?

Explanation

A price ceiling set below equilibrium tends to cause?

Explanation

A price floor set above equilibrium tends to cause?

Explanation

Price elasticity of demand measures?

Explanation

If demand is perfectly inelastic, the demand curve is?

Explanation

Consumer surplus is?

Explanation

Published By

Shahzad Mahota

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00

00

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