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## First Year Economics Chapter 6 Online MCQ Test for 1st Year Economics Chapter 6 (Market Equilibrium)

This online test contains MCQs about following topics:

Determination of Market Pice ,Changes in Demand and Supply Cinditions ,Market Price ,Normal Price

#### ICS Part 1 Economics Chapter 6 Test

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### First Year Economics Chapter 6 Online MCQ Test for 1st Year Economics Chapter 6 (Market Equilibrium)

1 When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.
• A. Equal to unity
• B. Less than unity
• C. Equal to zero
• D. Greater than unity
2 A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
• A. Supply of output
• B. Production
• C. Buffer stock
• D. Stock
3 Market equilibrium means a situation where
• A. Q<sub>s</sub>= Q<sub>d</sub>
• B. Q<sub>s</sub>= Q<sub>p</sub>
• C. Q<sub>d</sub>= Q<sub>p</sub>
• D. Q<sub>q</sub>= Q<sub>p</sub>
4 If price is set above equilibrium level, there will be
• A. surplus commodity in the market
• B. shortage of commodity in the market
• C. supply curve will shift
• D. demand curve will shift
5 Demands and supply curves cross at
• A. always at 60 degree
• B. at 90 degree
• C. at equal angle
• D. at any angle
6 Market equilibrium means
• A. number of buyers and sellers are equal
• B. demand and supply of commodity are equal
• C. no price is changing
• D. prices rise very slowly
7 With an increase in cost of production, price of the product rises while supply of the product will.
• A. Fall
• B. Rise
• C. Remain unchanged
• D. Non of the three
8 An increases in the price of mutton provides information which
• A. tells consumers to buy more mutton
• B. tells consumers to buy more chicken
• C. tells producers to produce more mutton
• D. b and c of above
9 When the price of a product increase by 100 percent and as a consequence, its quantity supplied increase by 125 percent, Its elasticity of supply will be.
• A. Less than unity
• B. Greater than unity
• C. Equal to unity
• D. Equal to zero
10 In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
• A. price will fall
• B. price remains same
• C. price will rise
• D. quantity rises

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