MCQ may require you to identify the consequences of dynamic changes in markets, e.g. the new equilibrium point after a change in the market. Memorise the conditions of demand and supply; by doing so, you will save valuable thinking time in the exam.
In essay questions, explaining the steps in the dynamic change is often referred to as analysis, and students frequently leave out some steps in the explanation
Here is a systematic process to help build your explanation:
Step 1: From the scenario, identify if the change in condition is on the demand side or supply side
Step2: State which way the demand or supply curve moves and use notation, e.g. S1→S2
Step 3: State the disequilibrium that now exists at the original market price (excess demand or excess supply)
Step 4: State if sellers raise or lower prices to clear the disequilibrium
Step 5: Explain the relevant contraction and expansion that occur on the demand and supply curves due to the change in price
Step 6: State the new market equilibrium points, e.g. P2Q2
Step 7: Explain the market outcome (is the new price/quantity higher/lower than the original?)