Question # 1

Demands and supply curves cross at

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always at 60 degree

at 90 degree

at equal angle

at any angle

Market Price of Perishable

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Commodities

Utility

Consumer

None of these

A rise in supply and demand in equal proportion will result in

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increase in equilibrium price and decrease in equilibrium quantity

decreases in equilibrium price and increases in equilibrium quantity

no change in equilibrium price and increases in equilibrium quantity

increases in equilibrium price and no change in equilibrium quantity

Demand and supply forces determine market price

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only in perfect competition

only in monopoly market

in both markets

none of the above

A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.

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Supply of output

Production

Buffer stock

Stock

In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then

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price will fall

price remains same

price will rise

quantity rises

Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is

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a shortage

a surplus

excess supply

loss

The price and sales of sugar both increase. What could be the cause of this?

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a decrease in the income of the consumers.

a decrease in the tax on sugar

An increase in the wages of workers in the sugar industry

An increase in the price of sugar substitutes

Price of a product is determined in a free market

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by demand for the product

by supply of the product

by both demand and supply

by the government

With an increase in cost of production, price of the product rises while supply of the product will.

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Fall

Rise

Remain unchanged

Non of the three

If equilibrium price rises but equilibrium quantity is unchanged, the cause is

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supply and demand both increase equally

supply and demand decrease equally

supply curve is vertical and demand increases

supply increases and demand is same

Market equilibrium means

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number of buyers and sellers are equal

demand and supply of commodity are equal

no price is changing

prices rise very slowly

When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.

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Equal to unity

Less than unity

Equal to zero

Greater than unity

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Economics Ics Part 1 English Medium Chapter 6 Online Test MCQs With Answers

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