
Theme 1 - Markets - Market Forces Review
Quiz by Mark Seccombe
Which of the following would cause demand to shift to the right?
Which of the following is an example of composite demand
Which of the following may cause a shift to the right of demand?
The demand curve for a good will shift to the left if
The price of cocoa more than doubled over an 18-month period as a result of increased buying on world markets. Such a development in the cocoa market could be shown on a supply and demand diagram by
An airline announces that it is 'slashing prices on all of its flights'. Given a fare reduction of 35%, what would be the expected percentage rise in demand for those flights if the company has an estimated PED of -2.0
The marketing department found that its product has a PED of -0.75. This suggests that if the company raises the price
The government was recently advised that a 40% increase in the price of beer would reduce beer consumption by the rich by 6% and by the poor by 20%. It can be concluded from this that:
Which of the following would lead to an increase in equilibrium price?
Which one of the following is the most likely determinant of the elasticity of supply of good X?
The price elasticity of supply of wheat isÂ
A shift of supply to the left of fresh fish might have been caused by
All other things being equal, supply curves slope upwards from left to right because
Two products are in joint supply when
The XED between two complementary goods is always
XED is defined as
When YED is inelastic, the percentage change inÂ
Which one of the following combinations is true for a normal good with a downward sloping demand curve
The essential feature of an inferior good is that its
The YED for a good is -3. Which one of the following statements is correct?