Q 1.4 Which one of the following is a condition for a market to exist? (a) A potential buyer and a potential seller. (b) A buyer must have the means to purchase. (c) The agreement must be guaranteed by law or by tradition. (d) All of the above are correct.
Q 1.5 How can the impact of a decrease in the price of petrol on the demand curve for petrol be illustrated? (a) The demand curve for petrol will shift to the left. (b) The demand curve for petrol will shift to the right. (c) The downward movement along the demand curve for petrol. (d) The demand curve will become more elastic.