Chapter Exam

Chapter 9: The Price Puzzle What Drives the Market — Online MCQ Test

Q: If the price of a product falls, what usually happens to its demand?

Answer: B. Demand increases — Generally, when price falls, more consumers are willing and able to buy the product, so demand increases.

Q: A sudden increase in the price of a substitute good, such as tea, may lead to:

Answer: B. An increase in demand for coffee — When the price of a substitute rises, consumers often switch to the other good, increasing its demand.

SOCIAL · Grade 9 · CBSE(NCERT)

Practice Chapter 9: The Price Puzzle What Drives the Market with a free chapter-wise online MCQ test for CBSE(NCERT) Grade 9 SOCIAL. This chapter covers: Demand Supply Market Price Equilibrium Competition Consumers Producers Goods Services Market forces Pricing. AI-generated questions from basic to board-exam level, with instant results and explanations.

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Chapter 9: The Price Puzzle What Drives the Market — Important Questions & Answers (FAQ)

Frequently asked questions from CBSE(NCERT) Grade 9 SOCIAL — Chapter 9: The Price Puzzle What Drives the Market, with answers and explanations. These are sample questions; the exam has its own separate question set.

What is meant by demand in a market?

A. The quantity of goods sellers are willing to produce
B. The quantity of a good buyers are willing and able to buy at a given price ✓
C. The total number of goods available in the market
D. The cost of producing a good

Answer: B. The quantity of a good buyers are willing and able to buy at a given price
Demand means the quantity of a good that consumers are both willing and able to buy at a particular price.

What is supply?

A. The quantity of a good producers are willing to sell at a given price ✓
B. The desire of buyers to purchase a good
C. The total money earned by consumers
D. The price fixed by the government

Answer: A. The quantity of a good producers are willing to sell at a given price
Supply refers to the quantity of a good that producers are willing to offer for sale at a given price.

If the price of a product falls, what usually happens to its demand?

A. Demand decreases
B. Demand increases ✓
C. Demand becomes zero
D. Demand remains unchanged always

Answer: B. Demand increases
Generally, when price falls, more consumers are willing and able to buy the product, so demand increases.

A sudden increase in the price of a substitute good, such as tea, may lead to:

A. A decrease in demand for coffee
B. An increase in demand for coffee ✓
C. A decrease in supply of coffee only
D. No change in market behavior

Answer: B. An increase in demand for coffee
When the price of a substitute rises, consumers often switch to the other good, increasing its demand.

Why do producers usually supply more of a good at a higher price?

A. Because higher price increases production cost
B. Because higher price gives greater profit and encourages more supply ✓
C. Because consumers stop buying at higher prices
D. Because demand always becomes zero

Answer: B. Because higher price gives greater profit and encourages more supply
Higher prices generally increase producers' profit, so they are willing to supply more.