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- Subject
- Introduction To Economicseconomics-mcqs › introduction-to-economics
- Published
- 26 May 2019
- Last updated
- 28 May 2026
Explanation
A market reaches equilibrium when the quantity demanded equals the quantity supplied, meaning there is no excess demand or supply, and the equilibrium price effectively clears the market. Therefore, all the statements are true.
More Introduction To Economics MCQs
Practice related questions from the same subject.
- 1.Which of the following factors directly influences the supply curve?
- 2.What type of relationship is depicted when a graph shows that as the values on the horizontal axis increase, the values on the vertical axis decrease?
- 3.Which two elements are essential to construct a straight-line graph?
- 4.How can a nominal value be converted into a real value?
- 5.What do time series data represent?
- 6.What does macroeconomics primarily focus on?
- 7.In a mixed economy, who is responsible for addressing economic issues?
- 8.How can a market be best defined?
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