INTERVIEW QUESTIONS COMMON PROFICIENCY TEST (CPT) INTRODUCTION TO MICRO ECONOMICS DETAILS

Question: In a free market economy, when consumers increase their purchase of a item, the price increases due to

a)Demand,Supply
b)Regulation
c)Cartelisation
d)Production of items

Answer: a)Demand,Supply
Description:
In a market economy prices are determined by market forces of demand and supply. When demand of goods increases, the supply remaining the same, the prices of good rises.

a)Demand,Supply
Description:
In a market economy prices are determined by market forces of demand and supply. When demand of goods increases, the supply remaining the same, the prices of good rises. Source: CoolInterview.com

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