Scarcity & Opportunity Cost

Core choices under scarce resources. Ideal for competitive exams and economics prep.

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QUESTION NO 01

Economics is primarily the study of?

Answer: How scarce resources are allocated

Scarcity and choice are at the core of economics.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 02

Opportunity cost is?

Answer: The next-best alternative forgone

Choosing one option means giving up another.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 03

Demand slopes downward mainly because?

Answer: As price falls, quantity demanded rises (ceteris paribus)

The law of demand links price and quantity demanded.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 04

A movement along a demand curve is caused by?

Answer: A change in the good’s own price

Own-price changes cause movements along the curve.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 05

An increase in consumer income for a normal good shifts demand?

Answer: Rightward

Higher income raises demand for normal goods.

Shahzad Mahota @shahzad-mahota

302 Quizzes

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QUESTION NO 06

Supply slopes upward mainly because?

Answer: Higher prices encourage more quantity supplied

The law of supply links price and quantity supplied.

Shahzad Mahota @shahzad-mahota

302 Quizzes

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QUESTION NO 07

Market equilibrium is where?

Answer: Quantity demanded equals quantity supplied

Equilibrium clears the market at one price/quantity.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 08

A price ceiling set below equilibrium tends to cause?

Answer: A shortage

Quantity demanded exceeds quantity supplied.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 09

A price floor set above equilibrium tends to cause?

Answer: A surplus

Quantity supplied exceeds quantity demanded.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 10

Price elasticity of demand measures?

Answer: Responsiveness of quantity demanded to price changes

Elastic demand responds strongly to price changes.

Shahzad Mahota @shahzad-mahota

302 Quizzes

2930 Questions

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@shahzad-mahota

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Scarcity & Opportunity Cost

Economics is primarily the study of?

Opportunity cost is?

Demand slopes downward mainly because?

A movement along a demand curve is caused by?

An increase in consumer income for a normal good shifts demand?

Supply slopes upward mainly because?

Market equilibrium is where?

A price ceiling set below equilibrium tends to cause?

A price floor set above equilibrium tends to cause?

Price elasticity of demand measures?

Published By

Shahzad Mahota

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Scarcity & Opportunity Cost

Economics is primarily the study of?

Explanation

Opportunity cost is?

Explanation

Demand slopes downward mainly because?

Explanation

A movement along a demand curve is caused by?

Explanation

An increase in consumer income for a normal good shifts demand?

Explanation

Supply slopes upward mainly because?

Explanation

Market equilibrium is where?

Explanation

A price ceiling set below equilibrium tends to cause?

Explanation

A price floor set above equilibrium tends to cause?

Explanation

Price elasticity of demand measures?

Explanation

Published By

Shahzad Mahota

00

00

00

00

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