11th class Principles of Economics chapter 3 online mcq test with answers for I.Com part 1 Principles of Economics chapter 3(Demand and Supply)

Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test

Sr. #	Questions	Answers Choice
1	The duty of a market is not to	make exchange of goods contact buyers and sellers determine price give maximum output
2	The equilibrium of the market is that demand and supply to each other are	opposite positive equal negative
3	Equilibrium means	the condition that is not possible an unstable condition a condition that can change stable position
4	In which direction demand and supply curves move	Same Opposite parallel Horizontal
5	When demand and supply rise equally then equilibrium price	isles is more Remains the source Zero
6	Regarding time element, the normal price has types	One Two Three Four
7	Which one is not condition of perfect competition	Homogeneity of good Difference in price of good Large number of buyers and sellers Perfect knowledge of market
8	At equilibrium price, demand and supply	Increase Become equal Decrease are different
9	That particular price below which price the seller is not ready to sell his commodity, is called	Market price Normal price Reserve price All the three
10	The price at which entrepreneur has a sufficient time to meet the demand, is called	Market price Normal price Reserve price Normal price
11	Price determined with the equilibrium of demand and supply on some day	Short period price Long period price Market price Normal price
12	Usually market price is ____________ normal price	Equal to Less than More than None of these
13	Market equilibrium is determined when	Demand = supply Demand > supply Demand < supply Demand = zero
14	Who does determine the reserve price	Buyer Seller Government District adminitration
15	If demand and supply both fall in the same proportion	Equilibrium price increases Equilibrium price decreases Equilibrium price does not change Equilibrium quantity increases

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