PU COM 2026 Market Mechanism Free Quiz 1

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PU COM 2026 Market Mechanism Free Quiz 1

PU COM Quiz

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Answered: 0 / 10

Remaining: 10

Navigator 10 Q

General

General 10 MCQs

1. How is price determined in a market?

A. Intersection of demand and supply curves B. Only by demand C. Only by supply D. By government

2. What condition exists at market equilibrium?

A. Quantity demanded exceeds quantity supplied B. Quantity supplied exceeds quantity demanded C. Quantity demanded equals quantity supplied D. Price is zero

3. What is consumer surplus?

A. Difference between price and cost B. Total expenditure C. Total revenue D. Difference between willingness to pay and actual price

4. What is producer surplus?

A. Difference between price and demand B. Difference between revenue received and costs C. Total revenue D. Total cost

5. When does a surplus occur in a market?

A. Quantity supplied exceeds quantity demanded B. Quantity demanded exceeds quantity supplied C. Quantity equals supply D. No supply

6. When does a shortage occur in a market?

A. Quantity supplied exceeds quantity demanded B. Quantity equals demand C. Quantity demanded exceeds quantity supplied D. No demand

7. When does market efficiency occur?

A. When government controls prices B. When there is surplus C. When there is shortage D. When resources are allocated to highest valued use

8. How is total welfare measured in a market?

A. Consumer surplus only B. Consumer surplus + Producer surplus C. Producer surplus only D. Total revenue

9. What is a price ceiling?

A. Maximum price below equilibrium, causing shortage B. Minimum price above equilibrium, causing surplus C. Price set by market D. Price without government intervention

10. What is a price floor?

A. Maximum price below equilibrium B. Price set by market C. Minimum price above equilibrium, causing surplus D. Price without intervention

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