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B.Com Hons Demand Supply and Equilibrium — practice questions

Explore 30 free Demand Supply and Equilibrium questions in B.Com Hons Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Demand Supply and Equilibrium questions and exercises with answers

Showing questions 1–30 of 30.

A shopper wants a phone and can pay for it. Economists call that willingness plus ability:Read the answer and worked solution →A man wants a car badly but has no money at all. Economists say he has no:Read the answer and worked solution →At a price of 50 rupees, buyers would take 200 units. That 200 is called the:Read the answer and worked solution →A cafe raises coffee prices and sells fewer cups. This inverse link is the law of:Read the answer and worked solution →Nearly every demand curve drawn on a graph runs in which direction?Read the answer and worked solution →A tutor says one word names the whole curve and another names a single point. The point is:Read the answer and worked solution →A baker is willing to bake and sell 80 loaves at a given price. That is his:Read the answer and worked solution →On a graph the demand curve and supply curve cross. At that crossing point:Read the answer and worked solution →A market sits exactly at the crossing point of its two curves. It will:Read the answer and worked solution →Petrol is priced well above the level where the curves cross. Quantity supplied is then:Read the answer and worked solution →Unsold petrol piles up in tanks because the price is too high. Economists call this a:Read the answer and worked solution →Petrol is priced below the crossing level, so producers cut output. The price then:Read the answer and worked solution →Incomes rise in a town and families buy more cars. A car is therefore a:Read the answer and worked solution →When a family's income rises it buys less instant noodles. Noodles here are an:Read the answer and worked solution →Tea and coffee can each be drunk in place of the other. They are:Read the answer and worked solution →Cars and petrol are usually bought and used together. They are:Read the answer and worked solution →Buyers now want more at every single price. The demand curve shifts to the:Read the answer and worked solution →Buyers want less at every single price. The demand curve shifts to the:Read the answer and worked solution →A government caps the price of a medicine so it cannot go higher. That cap is a price:Read the answer and worked solution →A rule forbids paying wages below a set level. That rule is a price:Read the answer and worked solution →New York and Washington are known for capping what landlords may charge. This is called:Read the answer and worked solution →The law of demand only holds while other influences are:Read the answer and worked solution →Catch the market termsRead the answer and worked solution →Pop the shift causesRead the answer and worked solution →Run the market gatesRead the answer and worked solution →Slice the market wordsRead the answer and worked solution →Above or below the crossRead the answer and worked solution →Sort the market ideasRead the answer and worked solution →Type the numberRead the answer and worked solution →Demand and supply bingoRead the answer and worked solution →

Worked practice questions

A shopper wants a phone and can pay for it. Economists call that willingness plus ability:

  1. Demand
  2. Desire
  3. Detail
  4. Design
Show answer and solution

Correct answer: A. Demand

1. Wanting alone is not enough for a market. 2. Being able to pay turns the want into a purchase. 3. That combination is demand. _Source: OpenStax Principles of Microeconomics 3e, Chapter 3, Demand and Supply._

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A man wants a car badly but has no money at all. Economists say he has no:

  1. Early payment
  2. Effective demand
  3. Elastic supply
  4. Even discount
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Correct answer: B. Effective demand

1. He cannot actually pay for the car. 2. A want with no money moves no market. 3. So there is no effective demand. _Source: OpenStax Principles of Microeconomics 3e, Chapter 3, Demand and Supply._

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At a price of 50 rupees, buyers would take 200 units. That 200 is called the:

  1. Quantity demanded
  2. Quality standard
  3. Quarterly target
  4. Quick estimate
Show answer and solution

Correct answer: A. Quantity demanded

1. The number is tied to one specific price. 2. It counts units buyers would purchase there. 3. That is the quantity demanded. _Source: OpenStax Principles of Microeconomics 3e, Chapter 3, Demand and Supply._

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