The price at which quantity demanded and quantity supplied of a good is equal is known as maximum price.  True / False

Q: Good X and good Y are substitute in production. The demand for good X decreases, which lowers the…

A: Two goods are called ‘substitutes’ to each other, if they can satisfy the same need of the consumers…

Q: X is an inferior good.  If there is an increase in incomes, then…

A: Inferior goods are the goods whose demand decreases when income rises or the demand increases when…

Q: Which of the following statements is correct Multiple Choice If supply increases and demand…

A: Increases in demand moves demand curve to the right and decreases in demand moves it to the left.…

Q: When the price of a good is higher than the equilibrium price, ..................... a) sellers…

A: The demand curve of a good shows the existence of an inverse relationship between the price of the…

Q: Using supply and demand curves, demonstrate the likely effect on the equilibrium price and quantity…

A: Consumption of normal goods is positively associated with income, an increase in income increase the…

Q: The quantity demanded of walnuts is greater than the quantity supplied.

A: Answer for 34th Question The correct option is (d) The quantity demand of  walnuts is greater than…

Q: If both the supply of and the demand for a good decrease simultaneously, but the decrease in demand…

A: A condition or state in which economic forces are balanced is known as economic equilibrium. In the…

Q: A supply curve shows that *       sellers prefer high prices.       supply for the good is present.…

A: A supply curve shows a graphical representation of price of goods and quantity supplied of goods.…

Q: A Maximum Price set below the equilibrium price is called a______

A: Price ceiling A Maximum Price set below the equilibrium price is called a Price ceiling. The term…

Q: If price is below the equilibrium level then

A: Equilibrium is the point where demand and supply intersect each other and determine equilibrium…

Q: The amount of a good or service that buyers are willing and able to buy at a given price is called:…

A: Demand: It is the desire or ability to purchase a good or service.

Q: If the price of hamburger decreases from $3 to $2, then the weekly market quantity supplied will

A: Quantity supplied is the total quantity of products that producers manufacture to sell in the market…

Q: A decrease in supply will cause an increase in demand. a decrease in demand. an increase in quantity…

A: Decrease in supply: Figure -1 shows the effect of decrease in supply as follows:

Q: In a competitive market, if the current price is below the equilibrium price, then Group of answer…

A: In competitive market, equilibrium occurs at the intersection of demand and supply curves.

Q: If supply increases, this means suppliers are willing and able to offer less of the good for sale at…

A: There is positive relationship between supply and price of the product. As the price increases the…

Q: If the price of rice per Kg increases from Rs 200 to Rs 300, the quantity demand reduced from 10 Kg…

A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…

Q: The price of a good will tend to fall when there is excess demand for the good. there is excess…

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 8. if the…

A: Answer to the question is as follows :

Q: The law of demand states that, all other things held constant, quantity being demanded by consumers…

A: Consumers demand different quantities at different prices. The price that they are willing to pay…

Q: Good weather increases quantity supplied at every price, causing a rightward shift in the supply…

A: Supply curve shifts rightward when there is an increase in the supply and it shifts leftwards when…

Q: An increase in the price of a complement good brings about a(an)        increase in quantity…

A: Complementary Goods Complementary goods are those goods and services which are used together by the…

Q: The Law of supply states that other things remaining the same_________ a. There is a direct…

A: The answer is -  a. There is a direct relationship between price and quantity supplied. The Law of…

Q: A tax on sellers of apples:     leads sellers to supply less apples at every price.   leads…

A: To determine the effect of a tax on the sellers of apples on the market of apples.

Q: A decrease in demand and a decrease in supply will lead to a :decrease in quantity but the effect on…

A: The demand and supply mechanisms of an economy are the two components that actively act and react in…

Q: Resource X is necessary to the production of good Y. If the price of resource X rises, the…

A: Opposing economic variables gravitate towards their natural condition, resulting in economic…

Q: If the price of a substitute to good X increases, then A) the demand for good X will increase. B)…

A: In a market, substitute good is one that is easily replaceable by another good with Similar…

Q: When the supply and demand for a good both increase Selected Answer: equilibrium price will decrease…

A: Let take increase in demand due to increase in income whereas increase in supply is due to decrease…

Q: Good X and good Y are substitutes. If the price of good Y increases, then the a. Demand for good X…

A: The quantity demanded of a good refers to the amount of the good the consumers are willing and able…

Q: . According to the law of demand, when all other factors are held constant, the higher the price,…

A: Answer: Correct option: False (B) Explanation: Law of demand: According to the law of demand there…

Q: The equilibrium price means that the supply and demand for a product are in balance.True or False

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: If supply is upward sloping, a decrease in demand with no change in supply will lead to a(n) _____…

A: A supply curve is a graphical representation that shows the relation between the cost and quantity…

Q: If the price is below the equilibrium level, then the quantity demanded will exceed the quantity…

A: At equilibrium, quantity demanded is equal to quantity supplied.

Q: When demand increases, there is a _____ at the old equilibrium price, which puts _____ pressure on…

A: The curve that depicts various quantities of goods being demanded by consumers at various levels of…

Q: A decrease in demand will cause a decrease in the equilibrium quantity and the equilibrium price.…

A: The demand is indirectly related to the price level in the economy. When all other factors remain…

Q: Which one of the following statements is incorrect? A. Market demand consists of the combined demand…

A: Demand(D) is the quantity(Q) of a commodity that an individual is willing and able to buy at a given…

Q: Buyers as a group determine supply, and sellers as a group determine the demand of the product a.…

A: Buyers are those who buy anything from the market. Buyers engage in the purchase of goods and…

Q: A change in demand means there has been a shift in the demand curve, and a change in quantity…

A: In the free market, the equilibrium price and quantity demanded is determined by the forces of…

Q: For a given market, the equilibrium quantity of the good or service will decrease if demand…

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: Both Markets are in Equilibrium There is Excess Demand in the Market for Good X = 2.4 There is…

A: In economics, the utility function measures the welfare or satisfaction of a consumer as a function…

Q: If the price of a product is below the equilibrium price, the result will be A. A shortage of the…

A: Equilibrium is a state in which economic forces like supply and demand are balanced and the…

Q: If the cost of producing Good A falls, this will cause      A) an increase in the market price of…

A: In a market, the cost of producing any good influence the market equilibrium due to change in the…