• Card 3 / 47: If it is observed that, in a particular market, price has risen and quantity exchanged has increased, it is likely that:
    A) supply has increased.
    B) supply has decreased.
    C) demand has increased.
    D) demand has decreased.

    Answer:
    C) demand has increased.

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Microeconomics Practice MCQ

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Attribution:  Levy, Frank. 11.203 Microeconomics, Fall 2010. (MIT OpenCourseWare: Massachusetts Institute of Technology), http://ocw.mit.edu/courses/urban-studies-and-planning/11-203-microeconomics-fall-2010 (Accessed 13 Mar, 2014). License: Creative Commons BY-NC-SA
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