| 1 |
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
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| 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
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| 3 |
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
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| 4 |
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
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| 5 |
Demands and supply curves cross at |
- A. always at 60 degree
- B. at 90 degree
- C. at equal angle
- D. at any angle
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| 6 |
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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| 7 |
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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| 8 |
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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| 9 |
Market Price of Perishable |
- A. Commodities
- B. Utility
- C. Consumer
- D. None of these
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| 10 |
A rise in supply and demand in equal proportion will result in |
- A. increase in equilibrium price and decrease in equilibrium quantity
- B. decreases in equilibrium price and increases in equilibrium quantity
- C. no change in equilibrium price and increases in equilibrium quantity
- D. increases in equilibrium price and no change in equilibrium quantity
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