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Explore 21 free Demand and Supply questions in Commerce / Business — Tanzania Economics. Each question opens with answer choices, the correct answer and a worked solution.
Practise Demand and Supply with Quill →Demand and Supply MCQs with answers
Showing questions 1–21 of 21.
Petrol prices rise and drivers start carpooling. The quantity demanded therefore:Read the answer and worked solution →That inverse link between price and quantity demanded is called the law of:Read the answer and worked solution →Because higher prices cut quantity demanded, the demand curve slopes:Read the answer and worked solution →The amount producers are willing to bring to market at each price is called:Read the answer and worked solution →A higher petrol price encourages firms to drill and refine more, so quantity supplied:Read the answer and worked solution →Because of that, the supply curve slopes:Read the answer and worked solution →The one price at which quantity demanded equals quantity supplied is the:Read the answer and worked solution →At a price above equilibrium, quantity supplied exceeds quantity demanded, creating a:Read the answer and worked solution →At a price below equilibrium, quantity demanded exceeds quantity supplied, creating a:Read the answer and worked solution →A market sitting at its equilibrium price and quantity has no reason to:Read the answer and worked solution →A demand curve relates quantity to price alone, holding everything else fixed. That assumption is:Read the answer and worked solution →Household incomes rise and people buy more new cars. New cars are therefore a:Read the answer and worked solution →Incomes rise and shoppers buy fewer generic groceries. Generic groceries are therefore an:Read the answer and worked solution →A good that can be used in place of another good is called a:Read the answer and worked solution →Cereal and milk are used together, so economists call them:Read the answer and worked solution →Laws that a government passes to regulate prices are known as price:Read the answer and worked solution →A legal maximum price that may be charged for a good is a price:Read the answer and worked solution →A rent control law fixing rents below equilibrium will make the quantity of housing supplied:Read the answer and worked solution →A legal minimum price that must be paid for a good or service is a price:Read the answer and worked solution →The best known price floor in the labour market is the:Read the answer and worked solution →When a price floor sits above equilibrium, quantity supplied ends up:Read the answer and worked solution →
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