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CBSE · Class 9 · Social Science

The Price Puzzle: What Drives the Market

Standard difficulty · 20 questions · 40 marks

Name: Date: Score: ____ / 40

Write full answers in Sections B and C. Answers are on the last page — try every question first!

Section A — Choose the correct answer8 × 1 = 8 marks
1.
The Law of Demand says that when price rises, quantity demanded:
  1. stays the same
  2. doubles
  3. rises
  4. falls
2.
Mangoes and bananas are:
  1. substitutes
  2. luxury goods
  3. capital goods
  4. monopolies
3.
Which sector does TRAI regulate?
  1. railways
  2. banking
  3. telecom
  4. farming
4.
What is meant by “demand”?
  1. a single seller with no close substitutes
  2. total earnings from sales
  3. willingness and ability to buy
  4. illegal trade in regulated goods
5.
At ₹100 a kg, market demand is 12 kg and market supply is 12 kg. What is the situation?
  1. a shortage of 6 kg
  2. equilibrium
  3. a surplus of 6 kg
  4. a surplus of 24 kg
6.
A hotel room costs ₹24,500. After a group cancels, the price is cut by 30%. What is the new price?
  1. ₹31,850
  2. ₹7,350
  3. ₹24,470
  4. ₹17,150
7.
A room costs ₹2,000 in the off-season and 9 times as much at New Year. What is the New Year price?
  1. ₹18,000
  2. ₹17,500
  3. ₹20,000
  4. ₹2,009
8.
During COVID-19, sanitiser was capped at ₹100 for 200 ml. At that rate, what is the most a 100 ml bottle could cost?
  1. ₹50
  2. ₹51
  3. ₹100
  4. ₹25
Section B — Short answer8 × 2 = 16 marks
9.
What is demand, in economics?
10.
Substitutes or complements? (a) a printer and cartridges (b) tea and coffee
11.
Which sector does each regulate? (a) the Central Consumer Protection Authority (b) SEBI
12.
Explain each term: (a) revenue (b) black marketing
13.
At ₹30 a kg, buyers want 30 kg; at ₹120, they want 11 kg. Does this follow the Law of Demand? By how much does demand fall as price rises?
14.
The market price of wheat is ₹45 a kg, and the government fixes a ceiling of ₹30. How much below the market price is that, and what problem might follow?
15.
At ₹100 a kg, three buyers want 4 kg, 6 kg and 6 kg of mangoes. What is the market demand at that price?
16.
A park needs ₹5,000 from each of 181 families, but only 73% pay because everyone can use the park anyway. How much is collected, and what is this problem called?
Section C — Longer answers4 × 4 = 16 marks
17.
Explain the Law of Demand with an example.
18.
Match each with its meaning: (a) demand (b) monopoly (c) market equilibrium. Choose from: where demand equals supply; willingness and ability to buy; a single seller with no close substitutes.
19.
A Goa hotel charges ₹1,500 in the off-season, ₹6,000 on a December Saturday and ₹27,000 on New Year’s Eve. (a) How many times the off-season price is the New Year price? (b) If the December rate is cut by 20%, what is it? (c) Why do prices change like this?
20.
A market schedule: at ₹70, demand 37 kg and supply 27 kg; at ₹80, demand 32 kg and supply 32 kg; at ₹90, demand 27 kg and supply 37 kg. (a) What is the equilibrium price and quantity? (b) Is there a shortage or surplus at ₹90, and of how much? (c) Which way would the price move from ₹70?
AmbifulWorksheets
Practice that never repeats
CBSE · Class 9 · Social Science

Answer key

The Price Puzzle: What Drives the Market · AW-9SS-PPZ-2026-V1 · For parents — fold back or tear off before handing the sheet to your child.

QAnswerWorking
1(d) falls—
2(a) substitutes—
3(c) telecom—
4(c) willingness and ability to buy—
5(b) equilibrium12 − 12
6(d) ₹17,15030% of 24,500 = 7,350
7(a) ₹18,0002,000 × 9
8(a) ₹50100 ÷ 200 × 100
9The quantity people are willing and able to buy at a given price.—
10(a) complements (b) substitutes—
11(a) consumer rights (b) the share market—
12(a) total earnings from sales (b) illegal trade in regulated goods—
13Yes; it falls by 19 kg as price rises by ₹90.30 − 11
14₹15 below; farmers may produce less, causing shortages.45 − 30
1516 kg4 + 6 + 6
16₹660,650; the free-rider problem of public goods5,000 × 181 × 73%
17When the price of mangoes falls, buyers purchase more, because they can afford more and each extra mango is still worth buying at the lower price.—
18(a) willingness and ability to buy (b) a single seller with no close substitutes (c) where demand equals supply—
19(a) 18 times (b) ₹4,800 (c) Demand rises at peak times and falls off-season, so prices move with demand.27,000 ÷ 1,500; 20% off 6,000
20(a) ₹80, 32 kg (b) a surplus of 10 kg (c) up, because there is a shortage of 10 kg—