Year 11 Exam > Year 11 Tests > Test: Price Changes - Year 11 MCQ
Test: Price Changes - Year 11 MCQ
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10 Questions MCQ Test - Test: Price Changes
Test: Price Changes for Year 11 2024 is part of Year 11 preparation. The Test: Price Changes questions and answers have been prepared
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Test: Price Changes - Question 1
What term describes the condition where market forces rectify excess demand or supply due to shifts in demand or supply conditions?
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Test: Price Changes - Question 2
During the Covid-19 pandemic, what type of market imbalance did furniture retailers face due to increased demand for desks and sofas?
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Test: Price Changes - Question 3
What happens to market equilibrium when suppliers respond to excess demand by increasing prices?
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Test: Price Changes - Question 4
Following Hurricane Fiona, what happened to the market equilibrium in Puerto Rico due to a supply shock?
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Test: Price Changes - Question 5
In Maine, USA, what was the consequence of decreased real income on the demand for lobsters?
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Test: Price Changes - Question 6
How do suppliers typically respond to an oversupply of lobsters in the market?
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Test: Price Changes - Question 7
What effect does the European Union's subsidy for solar panels have on the market equilibrium?
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Test: Price Changes - Question 8
Which market condition results in a surplus where supply exceeds demand at the original price?
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Test: Price Changes - Question 9
What is the primary consequence of a decrease in purchasing power during inflation?
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Test: Price Changes - Question 10
How do market adjustments in response to shifts in supply and demand impact the equilibrium price and quantity?
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