Question 7
Question 7 of 30
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No letter options?
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
Topics Tested
2. The allocation of reso...
2.5. Price determination

Definition, drawing and interpretation of demand and supply schedules and curves used to identify disequilibrium prices and shortages (demand exceeding supply) and surpluses (supply exceeding demand).

2. The allocation of reso...
2.6. Price changes

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.