| 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
|
