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1)The slope of a demand curve depends on A)the units used to measure quantity but not the units used to measure price. d) III only. d) The deadweight loss will be zero. Suppose that a 2% increase in price results in a 6% decrease in quantity demanded. Which of the following statements about demand curves is TRUE? The appearance of the long-run aggregate-supply (LRAS) curve a. is inconsistent with the concept of monetary neutrality. c) Lower incomes for providers of medical services. the supply curve shifts to the left. WATER SUPPLY ENGINEERING MCQ PDF PART â 4. If the price of good X is \$4: a) The quantity demanded will be less than 60 units. Use the diagram below, illustrates the domestic supply curve (SD) and demand curve for a good, to answer the following THREE questions. 6. I. WATER SUPPLY ENGINEERING MCQ PDF PART – 4. d) The demand for milk will decrease. Choose the one alternative that best completes the statement or answers the question. b) A deadweight loss triangle whose corners are ACD. c) Consumer surplus, producer surplus, and social surplus all increase. a) 40. This lesson worksheet / quiz provides multiple choice, short answer and fill in the blank questions covering market demand and supply and changes in market equilibrium prices? b) The amount of money a consumer is willing to pay for a good. If a price floor (set above the initial equilibrium price) is introduced in this market then: a) The deadweight loss will be smaller, if demand is D1 than if demand is D2. b) P = 30; Q = 5. Note that P Ã Q equals \$900 at every point on this demand curve. The marginal benefit of the fourth unit of X exceeds the marginal cost of the fourth unit of good X. II. a) e. c) Both a) and b) are true. WATER SUPPLY ENGINEERING MCQ PDF PART â 5. 7. If supply is S1, which area represents MARKET surplus? If goods X and Y are SUBSTITUTES, then which of the following could be the value of the cross price elasticity of demand for good Y? a) 10 units. This public statement will lead to a leftward shift in the demand curve. Which of the following reasons explains why the buyer should purchase the fourth unit? Download Demand and Supply Questions & Answers for competitive examinations. b) Market surplus will decrease by by e + c. 1. WATER SUPPLY ENGINEERING MCQ PDF PART â 1. 13. We move along the supply curve. a) Total costs will fall by more than total benefits. c) An increase in the equilibrium price and a decrease in the equilibrium quantity. a) If price falls and quantity demanded increases, this is represented by a movement along a given demand curve. What is the full form of GST? c) \$7; \$12. d) A higher equilibrium quantity and a lower equilibrium price. 1. If a tariff of \$10 per unit is introduced in the market, then the deadweight loss will equal: a) \$50. Multiple Choice Questions on Currency Inflation in Indian Economy for your upcoming competitive examinations like Banking SBI PO, SSC, CGL, MTS, CHSL, Railway Group D, IAS and UPSC.. A set of important objective questions with answers which have … d) None of the above. c) There is an excess supply (a surplus) equal to 210 units. d) Neither a) or b). Assume that the world price is equal to \$2. b) Imports will decrease and consumer surplus will increase d) \$5; \$8. Given the equilibrium quantity of 300 units, which areas represent CONSUMER SURPLUS? 14. 12. c) I, II, and III. c) Consumers will pay a price of \$20, quantity sold will be 60 units, of which none are produced domestically. Chapter 3 - Demand and Supply - Sample Questions Answers are at the end fo this file MULTIPLE CHOICE. If the price of this good is \$20, what will be the quantity demanded? b) \$3; \$6. MCQ: Unit-1: introduction to Operations and Supply Chain management 1. ... ratio of money held in demand drafts to that of money held in treasury bonds d) none of the above View Answer / Hide Answer. Consider the supply and demand diagram drawn below. I. b) 1. Consider the market for oranges. Chapter 25 Aggregate Demand and Supply Analysis Multiple Choice 1) The aggregate demand curve is (a) the total quantity of an economy’s intermediate goods demanded at all price levels. 6. Introduction to Micro Economics MCQ Test contains 10 questions. The economic agent in question (the decision-maker) can increase net benefits by increasing the level of the activity, for which of the following reasons? d) There will be an excess supply of good X. 1. c) Neither a) nor b) are true. WATER SUPPLY ENGINEERING MCQ PDF PART â 3. We move along the supply curve. c) P = 20; Q = 10. If demand is relatively inelastic and supply is relatively elastic, then consumers bear more of the burden of a tax. d) None of the above. SURVEY . Suppose BC Ferries is considering an increase in ferry fares. 7. 2. Principles of Microeconomics by University of Victoria is licensed under a Creative Commons Attribution 4.0 International License, except where otherwise noted. If, when the price of a product rises from \$1.50 to \$2, the quantity demanded of the product decreases from 1000 to 900, the price elasticity of demand coefficient using the midpoint formula is a. Which of the following statements correctly describes own-price elasticity of demand, for this particular demand curve? According to the manufacturing-based definition of quality Consider the supply and demand diagram below. d)Â Production Possibilities Frontier. b) A 1% increase in price will result in a 5% increase in quantity supplied. d) There is no market surplus. Then, in the market for oranges we would expect: a) The equilibrium price of oranges could either increase or decrease, but equilibrium quantity will definitely decrease. c) Both a) and b). c) Technology. a) Change in Demand b) Change in Supply c) Change in Demand and Change in Supply d) No change in Demand and Supply. The diagram below illustrates the domestic supply curve (SD) and demand curve for a good. b) The quantity supplied will be more than 60 units. Demand for a commodity refers to: (a) Desire for the commodity (b) Need for the commodity c. an improvement in technology. d) None of the above. c) I and III only. b) c + e. Household Behaviour. c) Both a) and b) are true. Supply and demand are basic and important principles in the field of economics.Having a strong grounding in supply and demand is key to understanding more complex economic theories. a) k + f. d) Both a) and b). a) X + Y + Z. Consider diagram below, which illustrates the market for low-skilled labour. Costs and Production Methods. The number of workers employed will decrease by 11,000. d) All of the above. Use the demand curve diagram below to answer the following question. What does the equilibrium price equal in this market? d) All of the above. Which of the following correctly describes the equilibrium effects of a per unit subsidy? Consider the introduction of a \$20 per unit tax in this market. Practicing these Business Services Class 11 Business Studies MCQs Questions with Answers â¦ Introduction to Micro Economics MCQ, which are covered in this chapter, relate to the topic, Introduction to Micro Economics. c) Imports will decrease and domestic producer surplus will increase. WATER SUPPLY ENGINEERING MCQ PDF PART – 2. III. 3. A) 1st January 2017. b) 45 units. c) Excess supply equal to the distance DE. What would be the combined effect of these two activities on the summer market for gasoline? c) Both producer and consumer surplus are equal to price multiplied by quantity. Martinâs producer surplus from selling his viola is equal to _____. Refer to the supply and demand diagram below. Practice Questions and Answers from Lesson I -4: Demand and Supply The following questions practice these skills: Describe when demand or supply increases (shifts right) or decreases (shifts left). General Knowledge Quiz with Answers. Suppose the equilibrium price of good X is \$10 and the equilibrium quantity is 60 units. b. Decreases the quantity demanded for that good. Choose the one alternative that best completes the statement or answers the question. CHAPTER 3—DEMAND AND SUPPLY MULTIPLE CHOICE 1. c) Marginal benefits of the good minus marginal costs of the good. a) \$5; 30. 12. d) I and III only. 3. Which of the following correctly describes the equilibrium effects of a per-unit tax, in a market with NO externalities? Multiple Choice Questions Unit-2: Demand Analysis 1. 12. c) The demand curve intersects the supply curve d) All the above Ans (d ) 14. 1. Buying the fourth unit will increase total benefits and decrease total costs. d) None of the above statements is true. It has calculated that this goal can be achieved EITHER through a price floor set at \$2 per six-pack of beer OR a price ceiling of \$20 per six-pack of beer. Increases the supply of that good. If the price of pineapples increases, which of the following movements will represent the effect of this in the market for coconuts? (Last Updated On: March 17, 2020) Below are the answers key for the Multiple Choice Questions in Engineering Economics – MCQs Part 1. Solutions: Case Study - The Housing Market, Topic 4 Part 2: Applications of Supply and Demand, Solutions: Case Study - Automation in Fast Food, Introduction to Environmental Protection and Negative Externalities, Solutions: Case Study - The Liberal Gas Tax, Introduction to Cost and Industry Structure, 7.4 The Structure of Costs in the Long Run. Monopoly and Monopolistic â¦ Answer… Topic 1: Introductory Concepts and Models. d) The number of sellers of good X. d) A change in the price of good X. c) C to A. 2. 1.1 What Is Economics, and Why Is It Important? 13. Consider diagram below, which illustrates the market for low-skilled labour. 10. These questions may occur in recruitment exams. b) I and II only. Human Resource Planning - MCQs with answers - Part 1 1. 2. 1. III. (Assume the price ceiling is set below the unregulated equilibrium price.). At which of the following prices and quantities is revenue maximized? b) Consumer surplus definitely increases. If an output (excise) tax of \$5 per unit is introduced in this market, the price that consumers pay will equal ____ and the price that producers receive net of the tax will equal _____. a) Consumer surplus is equal to the maximum amount a consumer is willing to pay for a good, minus what the consumer has to pay for the good. If imports of this good are banned altogether, which area represents the deadweight loss? Demand and Supply multiple choice questions and answers on Demand and Supply MCQ questions quiz on Demand and Supply objectives questions. QMICR1.DOC Page 1 (of 3) 1a Markets, demand and supply 2016-11-26 Questions Microeconomics (with answers) 1a Markets, demand and supply 01 Price and quantity 1 Price Demand Supply 0 100 0 1 80 30 2 60 60 3 40 90 4 20 120 5 0 150 Draw demand and supply using a graph. a) An increase in the price of baby formula produced in China and a decrease in the price of baby formula produced outside China. c) P = \$2, Q = 12. 1. Test 2: A Level Economics: MCQ Revision on Aggregate Demand and Aggregate Supply Practice exam questions Test 1: A Level Economics: MCQ Revision on Market Failure and Government Intervention a) P = \$6, Q = 12. 9. 10. d) At the competitive equilibrium, it is possible to make at least one person better off without making anyone worse off. a) An increase in the cost of producing the good. A. d) \$3 per unit. d) The number of sellers of good X. b) e. The degree of response of demand to change in price is a) Income elasticity of demand b) Cross-elasticity of demand c) Price elasticity of demand d) All the above Ans (c ) 15. Quiz with answers Market_Demand_Supply_Key.pdf b) \$2,000. ... Economics Demand and Supply Questions & Answers. Inferior goods are those that we buy more of, if we become richer. Buying the fourth unit will increase total benefits by more than total costs. Answers to supply and demand multiple choice questions: Simple shifts: Quest ions 1-2 (income increase). a) -1. If the demand curve stays the same and the supply curve shifts right, what will happen to equilibrium price and quantity? The quiz can be downloaded here (in pdf format) along with a quiz with answers included. 2. Which of the following will result in a DECREASE in demand (i.e., a leftward shift of the demand curve)? b) A decrease in equilibrium price and an increase in equilibrium quantity. 1. So access the GK MCQ Questions with Answers from the below links and give your best in all examinations such as competitive & entrance.. GK MCQ Quiz Questions with Answers … a) 5 units. Martin is selling his viola. Which of the following statements is true? What is the own-price elasticity of demand as price decreases from \$8 per unit to \$6 per unit? The following two questions refer to the diagram below, which illustrates the domestic supply curve (SD) and demand curve for a good. c) Consumer price rises, producer price rises, and quantity increases. If a tariff of \$10 per unit is introduced, by how much to imports decrease? a) The income of consumers who buy good X. d) Neither a) nor b). The answers are also given for your reference. Multiple Choice Multiple Answer Question Demand forecasts are necessary for Correct Answer Fulfillment of objective of the plans , â¦ the demand curve shifts to the right. a) a C) General Sales Tax. a) a + b. c. Increases the quantity supplied of that good. 5. c) 60 units. REGULATED D.C. POWER SUPPLY Questions and Answers pdf free download also objective multiple choice interview 2 mark important questions lab viva manual book Skip to content Engineering interview questions,Mcqs,Objective Questions,Class Notes,Seminor topics,Lab Viva Pdf free download. At what price will quantity supplied equal 3 units? b. Decreases the quantity demanded for that good. b) 40 units. WATER SUPPLY ENGINEERING MCQ PDF PART – 1. Suppose that the price of a good increases. Her producer surplus is equal to _____. Suppose that, following a decrease in the supply of good X, we observe that the price of good Y decreases. a) \$5; \$10. Supply and Demand3,4,20,21\Supply and Demand\Supply,demand, equilibrium test questions.docx ____ 12. b) Marginal benefit of the good. "Quality is defined by the customer" is : An unrealistic definition of quality A user-based definition of quality A manufacturing-based definition of quality A product-based definition of quality 2. Your Answer life-cycle theory. a) Excess demand (a shortage) of 25 units. Which of the following statements about demand curves is TRUE? b) A to B. I. a) Consumer and producer surplus increase but social surplus decreases. 6. b) decrease; B+D. a) income b) price c) satisfaction d) none Answer: (c) Page 5 CPT Section C General Economics Unit 2 Ms. Anita Sharma MCQs for Ordinal Approach MCQ.1:Indifference analysis is based on the idea of a) Law of DMU b) Ordinal Utility c) Cardinal Utility d) None Answer: (b) MCQ.2; MRS is the rate at which the … c) \$150. b) If there is no deadweight loss, then revenue raised by the government is exactly equal to the losses to consumers and producers. Supply and Demand. d) 55 units. 6.65 % H:\AP Econ\2. c) \$6,900. Check the below NCERT MCQ Questions for Class 10 English Footprints Without Feet Chapter 9 Bholi with Answers Pdf free download. 19. a) a + b; c. The diagram below illustrates 3 possible demand curves for coconuts. a) 1/3. If supply is perfectly inelastic, producers will bear all the burden of the tax. B. Introducing the Theory of the Firm. III. d) Excess supply (a surplus) of 25 units. c) a + b; b + c. Note that the two demand â¦ 5. MCQ Questions for Class 10 English with Answers were prepared based on the latest exam pattern. the supply curve shifts to the right. a) Good X is an inferior good. Consider the supply and demand diagram below. QMICR1.DOC Page 1 (of 3) 1a Markets, demand and supply 2016-11-26 Questions Microeconomics (with answers) 1a Markets, demand and supply 01 Price and quantity 1 Price Demand Supply 0 100 0 1 80 30 2 60 60 3 40 90 4 20 120 5 0 150 Draw demand and supply using a graph. At what price will producer surplus equal \$2? Download Economics Demand And Supply Questions Answers - H:\AP Econ\2 Supply and Demand3,4,20,21\Supply and Demand\Supply,demand, equilibrium test questionsdocx ____ 12 Refer to Graph 4-4 On the graph, the movement from S to S 1 could be caused by a a decrease in the price of the good b an increase in … C) General Sales Tax. d) \$6,200. They are duplicates of the questions found in the Topic sub-sections. Suppose that a 10 increase in price results in a 50 percent decrease in quantity demanded. Consider the supply and demand curves illustrated below. Principles of Microeconomics by University of Victoria is licensed under a Creative Commons Attribution 4.0 International License, except where otherwise noted. Which of the following statements is/are TRUE? D) Government Sales Tax. 5. d) At a price of P3, there is excess supply equal to the distance DE. Which of the following represents the effect of this on my coffee demand curve? 28. Perfect Competition. In this section, we have given all varieties of GK MCQ Questions related to General Knowledge. c. an improvement in technology. a) Price ceilings make sellers worse off. In this section, we have given all varieties of GK MCQ Questions related to General Knowledge. Multiple Choice Multiple Answer Question Demand forecasts are necessary for Correct Answer Fulfillment of objective of the plans , Preparation of a budget , Expansion of firms Your Answer … b) a + b. Which of the following statements is FALSE? 3. Chapter 02 Supply and Demand Multiple Choice Questions. What are the TOTAL benefits to this individual if she consumes 10 units of the good? If steak is a normal good, what are the combined effects in the market for steak? a) The deadweight loss from the price floor will be greater than the deadweight loss from the price ceiling. a) P = 40; Q = 0. Choose the one alternative that best completes the statement or answers the question. 11. Which of the following is NOT a determinant of the demand for good X? d) More than one of the above is true. Which of the following CANNOT result in an increase in price in a competitive market for a normal good? a. Irrespective of price, Sofia always spends Rs. c) The price of good Y, a complement to X. Suppose that both of the following occur simultaneously: (i) the price of apples (a substitute for oranges) decreases; and (ii) world-wide droughts reduce the harvest of oranges by 30%. c) A change in the price of a complement to the good. c) A decrease in the price of both baby formula produced in China and baby formula produced outside China. 4. c) Both a) and b) are true. 6. The next THREE questions refer to the diagram below. Chapter 10. Use the demand diagram below to answer this question. d) None of the above. c) The income of consumers who buy good X. Governments and Markets. a) There is an excess demand (a shortage) equal to 210 units. a) A to C. c) 1.5. 10. d) Area w + y. b) The decrease in quantity will be smaller, if demand is D1 than if demand is D2. Assume no externalities. b) A decrease in the price of a complement to the good. 17. Which of the following could be the (absolute) value for the own-price elasticity of demand, in the price range considered? c) Excess supply (a surplus) of 15 units. The demand curve for a good is derived from the: a) Marginal cost of the good. d) III only. The supply curve shifts left. c) Never produce an additional unit if its marginal cost is higher than the marginal cost of previously produced units. Download PDF. Which of the following correctly describes the equilibrium effects of a per-unit tax, in a market with NO externalities? 8. b) The supply of that good will be relatively inelastic, compared to goods for which there are few close substitutes. 16. Which areas represent the deadweight loss associated with this tax? a) 40 units. Which of the following is TRUE? d) All of the above are determinants of the supply of good X. The demand curve is defined as the relationship between the price of the good and the amount or quantity the consumer is willing and able to purchase in a specified time period, given constant levels of the other determinants–tastes, … D) Government Sales Tax. 23. In Canada, the prices of most medical services are regulated by the Provinces (that is, they are subject to price ceilings). b) Producer surplus is the difference between the amount of money a seller is paid, and the maximum amount that he or she needs to be paid. Consider the supply and demand diagram drawn below. d) \$10. III. b) I and II only 22. (Assume a downward-sloping demand curve for socks.). a) \$14,800. Professionals, Teachers, Students and Kids Trivia Quizzes to test your knowledge on the subject. MCQs of Elasticity of Demand and Supply 1. The law of supply states that an increase … If a \$6 per unit tax is introduced in this market, then the price that consumers pay will equal ____ and the price that producers receive net of the tax will equal _____. 6. II. II. ... C. total supply is inelastic; D. individual demand is perfectly elastic. Summer is traditionally a time of increased demand for oil because of the many families driving and flying to vacation sites. All the following questions are from previous exams for Economics 103. 5. c) The demand for that good will be relatively elastic, compared to goods for which there are few close substitutes. c) Neither a) nor b). 3.00. d) The price of good Y, which is a substitute for good X. Choose your answers to the questions and click 'Next' to see the next set of questions. Identify a competitive equilibrium of demand and supply. If a price floor of \$20 is introduced, then which area will represent the deadweight loss? 5. b) 10 units. Which of the following statements about price ceilings is TRUE? d) An increase in the price of both baby formula produced in China and baby formula produced outside China. c) A higher equilibrium quantity and a higher equilibrium price. d) Consumer surplus, producer surplus, and social surplus all decrease. Which of the following statements about minimum wages is true? d) I only. If the supply curve is perfectly elastic, consumers will bear none of the burden of the tax. Refer to the supply and demand diagram below. b) A decrease in the price of baby formula produced in China and an increase in the price of baby formula produced outside China. 1. b) The income of consumers of that good. 2. Given the equilibrium quantity of 300 units, which areas represent MARKET SURPLUS? 5. Which of the following is NOT a determinant of the supply of good X? Supply shift right. The demand curve shifts right. If cookies are a normal good and incomes increase, we would expect: a) An increase in equilibrium price and a decrease in equilibrium quantity. c) 30 units. Business Studies MCQs for Class 12 Chapter Wise with Answers PDF Download was Prepared Based on Latest Exam Pattern. If A>B then B>A this assumption is called a) Transitive b) Always produce an additional unit if price is greater than marginal cost. c) \$8. b) Goods X and Y are complements. a) An increase in income. The following TWO questions refer to an individualâs demand curve diagram, illustrated below. a) The length of the time horizon over which we are looking at the change in consumer behaviour. Chapter 09. At the equilibrium price in this market, consumer surplus is equal to area ___ and producer surplus is equal to area ____. Tags: Question 3 . III. d) All of the above could be the value of cross price elasticity of demand. GST was implemented in India from. MULTIPLE CHOICE QUESTIONS MICROECONOMICS 1. If price is \$8 per unit, quantity supplied will equal: 3. WATER SUPPLY ENGINEERING MCQ PDF PART – 6. 1.1 What Is Economics, and Why Is It Important? All else equal, a decrease in the marginal cost of producing a good will result in: a) A lower equilibrium quantity and a higher equilibrium price. The following TWO questions refer to the supply curve diagram below. d) Neither a) nor b) are true. 7. Introducing the Theory of the Firm. 7. Consider the supply and demand diagram drawn below. 3. Page 4 8. c) A change number of sellers of good X. II. If a \$5 per unit tax is introduced in this market, which area represents the deadweight loss? b) A rightward shift in the demand curve. a) If there is a deadweight loss, then the revenue raised by the tax is greater than the losses to consumer and producers. Consider the supply and demand diagram below. b) Taking actions only if the marginal cost is zero. b) The equilibrium quantity of X could either increase or decrease, but equilibrium price will definitely decrease. d) 20 units. Demand shift left. a) The cost of labor used to produce good X. d) None of the above. a) If demand is price inelastic, then increasing price will decrease revenue. 9. c) The opportunity cost of a good. If own-price elasticity of demand equals 0.3 in absolute value, then what percentage change in price will result in a 6% decrease in quantity demanded? At the same time, Canadian consumersâ incomes rose. a) The equilibrium price of X could either increase or decrease, but equilibrium quantity will definitely decrease. All else equal, the marginal benefit of consuming a normal good will be higher for richer consumers than for poorer consumers. 4. 6. The demand curve shifts right. Suppose that my daily marginal benefit from drinking coffee increases by \$2 per cup. d) Consumers will pay a price of \$30, quantity sold will be 40 units, of which none are imported. d) \$7; \$1. Free PDF Download of CBSE Business Studies Multiple Choice Questions for Class 12 with Answers Chapter 10 Financial Market. b) Excess supply equal to the distance AB. b) Consumption of medical services such that the marginal benefit is less than the marginal cost. c) a + b + c + e + f + g. According to the manufacturing-based definition of quality a) The cost of labor used to produce good X. a) There is excess demand (a shortage) equal to 45 units. 3.00. Free download in PDF MySQL Multiple Choice Questions and Answers for competitive exams. If a tariff of \$10 per unit is introduced in the market, then the government will raise ____ in tariff revenue. a) a b) a + b. c) a + b + e. d) We need to know price in order to determine market surplus. Chapter 04. Inferior goods are those that we buy more of, if we become poorer. ECW1102 S2 2020 Tutorial 8 (in Week 9) Chapter 33: Aggregate Demand and Aggregate Supply Questions and Suggested Answers MCQ 1. a) If demand is perfectly elastic. If goods X and Y are COMPLEMENTS, the which of the following could be the value of cross price elasticity of demand? Own-price elasticity of demand is equal to: 3. Governments and Markets. d) Neither a) nor b is true). The supply curve shifts right. b) \$6; \$11. Which of the following movements could represent the effect of this in the market for coconuts? a) There is insufficient information to calculate the new equilibrium price b) Producer surplus is equal to the amount received from selling a good, minus the minimum amount the seller needed to receive, in order to be willing to sell the good. the supply curve shifts to the left. MCQ Questions for Class 12 Business Studies with Answers were prepared based on the latest exam pattern. 1. a) The cost of labor used to produce good X. b) Area w. MCQs of Elasticity of Demand and Supply 1. Goods and Services Tax MCQs. (Assume no externalities.). If a tariff of \$10 per unit of imports is introduced, which area represents the tariff revenue raised? d) III only. c) The demand for milk will increase. c) A decrease in equilibrium price and equilibrium quantity. mysql multiple choice questions and answers; Questions. d) B to E. 1. Demand shift right. 20. Monopoly and Monopolistic … Suppose that coconuts and pineapples are substitutes. 15. 7. a) There is no consumer surplus. c) If demand is perfectly inelastic, then revenue is the same at any price. b) A decrease in the number of sellers in the market. Supply shift left. a) \$2; \$5. b) An increase in the equilibrium price and an unpredictable change in the equilibrium quantity. d) A decrease in the wages paid to workers who produce this good. c) An increase in the price of X will result in an increase in the equilibrium quantity of Y. b) I and II only. 30 seconds . Assume that the marginal cost of producing socks is constant for all sock producers, and is equal to \$5 per pair. 100 a week on ice cream, we â¦ If a sin tax is placed on sales of alcohol, the demand curve shifts to the left. 9. Chapter 02 Supply and Demand Multiple Choice Questions. d) All of the above will shift the demand curve. b) Excess demand (a shortage) of 15 units. We have provided Financial Markets Class 12 Business Studies MCQs Questions with Answers â¦ a) increase; B+D. d) Neither a) nor b). "Quality is defined by the customer" is : An unrealistic definition of quality A user-based definition of quality A manufacturing-based definition of quality A product-based definition of quality 2. b) Zero. Students can solve NCERT Class 12 Business Studies Financial Market MCQs Pdf with Answers â¦ Eco401 Economics Mcqs Vuabid. c) Neither a) nor b). Demand analysis objective Fill in the blanks Multiple ... ENGLISH HINDI ACCOUNTS OCM ECONOMICS SP POLITICALSCIENCE BIOLOGY BOARD-PAPERS HSC-MATHS PHYSICS CHEMISTRY PDF-SOLUTION 12TH-NEW-PDF BOARD-PAPERS-2020 TEXTBOOK ... Demand analysis objective Fill in the blanks Multiple choice Questions Demand analysis.