Laws of Demand And Supply - SS2 Economics Past Questions and Answers - page 1
1
What is the law of demand?
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A
As the price of a good or service increases, the quantity demanded of that good or service increases.
B
As the price of a good or service decreases, the quantity demanded of that good or service decreases.
C
As the price of a good or service increases, the quantity supplied of that good or service increases.
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2
What is the law of supply?
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A
As the price of a good or service increases, the quantity demanded of that good or service increases.
B
As the price of a good or service decreases, the quantity demanded of that good or service decreases.
C
As the price of a good or service increases, the quantity supplied of that good or service increases.
3
What happens to the quantity demanded when the price of a good increases?
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A
 It decreases
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B
It increases
C
It remains the same
4
What happens to the quantity supplied when the price of a good decrease?
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A
It increases
B
It decreases
C
It remains the same
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5
What happens to the equilibrium price and quantity when demand and supply both increase?
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A
The equilibrium price increases and the equilibrium quantity decreases.
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B
The equilibrium price increases and the equilibrium quantity increases.
C
The equilibrium price decreases and the equilibrium quantity increases.
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