MCQ: surplus, utility, derived demand, demand curve
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Question 11: Surplus is a condition of:
1.excess supply
2.a deficiency in supply
3.market equilibrium
4.excess demand
Question 12 : The effect on sales of an increase in price is a decrease in:
1.the quantity demanded
2.demand
3.supply
4.the quantity supplied
Question 13: The quantity of product X supplied can be expected to rise with a fall in:
1.Prices of competing products
2.price of X
3.energy savings technical charge
4.input prices
Question 14: Derived demand is directly determined by
1.utility
2.the profitability of using inputs to produce output
3.the ability to satisfy consumer desires
4.personal consumption
Question 15: A demand curve expresses the relation between the quantity demanded and
1.income
2.advertising
3.price
4.all of the above
Question 16: Change in the quantity supplied reflects a :
1.change the price
2.switch from one supply curve to another
3.change in one or more non-price variables
4.shift in supply
Question 17: Utility is measured by:
1.wealth
2.price
3.value or worth
4.income
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Solution Summary
Multiple Choice Questions on surplus, utility, derived demand, demand curve etc have been answered and explained.
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Question 11 : Surplus is a condition of:
1. excess supply
2. a deficiency in supply
3. market equilibrium
4. excess demand
Answer: 1. excess supply
Surplus is excess supply. Shortage is excess demand
Question 12: The effect on sales of an increase in price is a decrease in:
1. the quantity demanded
2. demand
3. supply
4. the quantity supplied
Answer: 1. the quantity demanded
Question 13 ...
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