| 1 |
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>
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| 2 |
Equilibrium |
- A. is a state that can never be achieved in economics
- B. is an important idea for predicting economics changes
- C. is a stable condition
- D. is an unstable condition
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| 3 |
Markets where firms supply goods and services demanded by households are |
- A. factor market
- B. product market
- C. open markets
- D. resource markets
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| 4 |
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is |
- A. supply and demand both increase equally
- B. supply and demand both decrease equally
- C. supply decreases and demand increases
- D. supply increases and demand decreases
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| 5 |
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
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| 6 |
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
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| 7 |
Demand and supply forces determine market price |
- A. only in perfect competition
- B. only in monopoly market
- C. in both markets
- D. none of the above
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| 8 |
Market Price of Perishable |
- A. Commodities
- B. Utility
- C. Consumer
- D. None of these
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| 9 |
In case of a fall in supply. |
- A. Quantity supplied falls at the same price.
- B. Quantity supplied rises at the same price.
- C. Quantity supplied remain at the lower price.
- D. None of the three
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| 10 |
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is |
- A. a shortage
- B. a surplus
- C. excess supply
- D. loss
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