Older MCQs might not have the typical A, B, C,
D
choices. They
have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such
combinations to the answer.
A
1, 2 and 3 are correct
B
1 and 2 only are correct
C
2 and 3 only are correct
D
1 only is correct
How a market system works; including buyers, sellers, allocation of scarce resources, market equilibrium, and market disequilibrium. Establishing that the economic problem creates three key questions about determining resource allocation – what to produce, how, and for whom. How the price mechanism provides answers to these key allocation questions.
Changing market conditions as causes of price changes. Demand and supply diagrams to be used to illustrate these changes in market conditions and their consequences for equilibrium price and sales.