Question # 1

Which one will be termed as supply of a product.

Choose an answer

One tone potato in cold storage

One ton rice offered for sale in market

One ton rice brought for sale in market at a certain price.

None of the three

Equilibrium

Choose an answer

is a state that can never be achieved in economics

is an important idea for predicting economics changes

is a stable condition

is an unstable condition

A change in price brings in quantity supplied. it will be.

Choose an answer

Rise in supply

Contraction of supply

Fall in supply

Extension of supply

Demand and supply forces determine market price

Choose an answer

only in perfect competition

only in monopoly market

in both markets

none of the above

Extension of supply will take place as a consequence of:

Choose an answer

Change in price

Change in population

Change in technology

Change in money supply

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

Choose an answer

supply and demand both increase equally

supply and demand decrease equally

supply curve is vertical and demand increases

supply increases and demand is same

If price is set above equilibrium level, there will be

Choose an answer

surplus commodity in the market

shortage of commodity in the market

supply curve will shift

demand curve will shift

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.

Choose an answer

Less than unity

Greater than unity

Equal to unity

Equal to zero

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

Choose an answer

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

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

Choose an answer

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

If we know that quantities bought and sold are equal, we can conclude that

Choose an answer

quantities demanded and supplied are also equal

the market is in equilibrium

there will be no tendency for a price change

all of the above

When the supply curve of a product is parallel to the vertical axis, it would mean that;

Choose an answer

Different quantities of a product are supplied at the same price.

Different quantities of a product are supplied at different price.

Same quantities of a product are supplied at different price.

None of three

Market equilibrium means

Choose an answer

number of buyers and sellers are equal

demand and supply of commodity are equal

no price is changing

prices rise very slowly

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer