Question : If the market's supply curve shifts to the right, which of these best explains the shift?
A: Making a commodity production at low cost by introducing a new technique
B: Increase in the raw material rate
C: Government introducing a tax on that certain product

Option 1: Only A correct

Option 2: Only B Correct

Option 3: Only C correct

Option 4: A C and C all are correct.

Question : What is the best possible explanation for a shift in the market supply curve for a product?

Option 1: Price increases in raw materials

Option 2: Introduction of a government tax on that product.

Option 3: Introduction of a new technique that makes the production of that commodity less expensive.

Option 4: A successful advertising campaign that promotes the product.

Question : What is the best possible explanation for a shift in the market supply curve for a product?

Option 1: An advertising campaign that is successful in promoting the product

Option 2: Introduction of a tax on that product by the government

Option 3: Increase in the price of raw materials
 

Option 4: Introduction of a new technique that makes the production of that commodity cheaper

Question : If a consumer's income rises or the price of a complementary good falls, the-
 

Option 1: The product's demand curve shifts to the right.

Option 2: The product's demand curve shifts to the left.

Option 3: The product's supply curve shifts to the right.

Option 4: The product's supply curve shifts to the left.

Question : The market equilibrium for a commodity is determined by:

Option 1: the market supply of the commodity.

Option 2: the balancing of the force of demand and supply for the commodity.

Option 3: the intervention of the government.

Option 4: market demand of the commodity.

Question : The cross-price elasticity of demand is used to determine whether:-
a: Product is an inferior or normal good
b: A product is a necessity or a luxury
c: Two products are substitutes or complements

 

Option 1: Only A is correct

Option 2: Only A and B are correct 

Option 3: Only C correct

Option 4: Only B and C are correct