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CBSE Class 9 Markets and Price Mechanisms — practice questions — page 2

Explore 64 free Markets and Price Mechanisms questions in CBSE Class 9 Social Science. Open each question or exercise to read its content, reference answers and available explanation.

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Markets and Price Mechanisms questions and exercises with answers

Showing questions 31–60 of 64.

Cold storage for transporting mangoes to far markets has what effect on supply?Read the answer and worked solution →Potato wholesalers expect higher prices in peak season. What might they do now?Read the answer and worked solution →What is market equilibrium?Read the answer and worked solution →Mangoes: 12 kg demanded and 12 kg supplied at ₹100. What is the equilibrium price?Read the answer and worked solution →At ₹40, buyers want 38 kg but sellers offer 6 kg. What situation is this?Read the answer and worked solution →When quantity demanded equals quantity supplied, the market is said to be what?Read the answer and worked solution →On a price-quantity chart, where is equilibrium found?Read the answer and worked solution →In the real world, how does market equilibrium behave?Read the answer and worked solution →Demand for face masks surged in 2020 and supply lagged. What happened to prices at first?Read the answer and worked solution →After suppliers adjusted to the mask demand surge, what happened to mask prices?Read the answer and worked solution →A Goa hotel charges ₹25,000 for a room on New Year's Eve. Why so high?Read the answer and worked solution →A hotel room costs ₹5,000. A group cancels and the hotel cuts the tariff by 40 percent. New tariff?Read the answer and worked solution →Which is NOT a reason hotels change their room tariffs?Read the answer and worked solution →What is a price ceiling?Read the answer and worked solution →A minimum wage that lets workers earn enough is an example of which control?Read the answer and worked solution →Fixing maximum prices of medicines to stop overcharging is an example of what?Read the answer and worked solution →A single seller controls the whole supply of a unique product with no close substitutes. This is a what?Read the answer and worked solution →Why can a monopoly harm consumers?Read the answer and worked solution →Which body regulates banking in India?Read the answer and worked solution →Which authority regulates telecommunications in India?Read the answer and worked solution →Which regulator looks after the securities market in India?Read the answer and worked solution →Which authority acts against unfair trade practices and consumer rights violations?Read the answer and worked solution →Sanitiser prices spiked in COVID-19. Which 1955 law did the government use?Read the answer and worked solution →Keeping goods beyond immediate need, fearing shortage or expecting higher prices, is called what?Read the answer and worked solution →What is the illegal trade of banned or regulated goods called?Read the answer and worked solution →Which of these is a public good?Read the answer and worked solution →Why do private companies usually avoid providing public goods?Read the answer and worked solution →Each family hopes others will pay for a park, so too little is raised. What follows?Read the answer and worked solution →The government fixes wheat at ₹20 per kg while the market price is ₹30. What may follow?Read the answer and worked solution →Many permits for food safety, fire safety and pollution control burden which group most?Read the answer and worked solution →

Worked practice questions

Cold storage for transporting mangoes to far markets has what effect on supply?

  1. It raises market supply
  2. It lowers market supply
  3. It fixes the price
  4. It removes demand
Show answer and solution

Correct answer: A. It raises market supply

Cold storage lets more mangoes reach distant markets without spoiling, raising supply.

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Potato wholesalers expect higher prices in peak season. What might they do now?

  1. Sell all stock now
  2. Hold back some supply
  3. Destroy their stock
  4. Cut all prices
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Correct answer: B. Hold back some supply

Expecting higher prices later, they withhold stock now, reducing current supply.

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What is market equilibrium?

  1. The government sets the price
  2. Demand is far above supply
  3. One seller controls supply
  4. Demand equals supply
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Correct answer: D. Demand equals supply

At equilibrium the quantity supplied equals the quantity demanded, so there is neither shortage nor surplus.

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