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The Price Puzzle: What Drives the Market
Social Science (2026-27) · CBSE Class 9 · English Medium · 18 questions and answers
Sample questions
- Q: What is a market?
- A: A market is any arrangement where buyers and sellers come together to exchange goods and services, in person or online.
- Q: What is demand?
- A: Demand is the quantity of a good or service that buyers are willing and able to purchase at a given price.
- Q: State the Law of Demand.
- A: The Law of Demand states that, other things being equal, when the price of a good rises its demand falls, and when the price falls its demand rises.
- Q: What shape is the demand curve and why?
- A: It slopes downward from left to right, because a lower price leads to a higher quantity demanded (an inverse relationship).
- Q: What is supply?
- A: Supply is the quantity of a good or service that sellers are willing and able to offer for sale at a given price.
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