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 : Law of Demand states that there is a negative relationship between ______.

Option 1: demand for a commodity and its supply

Option 2: demand for a commodity and its price

Option 3: tax on a commodity and its price

Option 4: supply of a commodity and its price

Question : The demand for the commodity is direct but the demand for a factor of production is called a: 

Option 1: crossed demand 

Option 2: joint demand

Option 3: derived demand 

Option 4: independent demand 

Question : Equilibrium price is the price when :

Option 1: Supply is greater than demand .

Option 2: Supply is less than demand .

Option 3: Demand  is very high .

Option 4: Supply is equal to demand.

Question : The equilibrium price of a commodity will rise if there is a/an:

Option 1: increase in supply combined with a decrease in demand.

Option 2: increases in both demand and supply.

Option 3: decrease in both demand and supply.

Option 4: increase in demand accompanied by a decrease in supply.