6th Chapter

ICS Part 1 Economics Chapter 6 MCQs Test

First Year Economics Chapter 6 Online MCQ Test for 1st Year Economics Chapter 6 (Market Equilibrium)

This online test contains MCQs about following topics:

Determination of Market Pice ,Changes in Demand and Supply Cinditions ,Market Price ,Normal Price

ICS Part 1 Economics Chapter 6 Test

Start Chapter 6 Test

First Year Economics Chapter 6 Online MCQ Test for 1st Year Economics Chapter 6 (Market Equilibrium)

Sr. # Questions Answers Choice
1 Market Price of Perishable
  • A. Commodities
  • B. Utility
  • C. Consumer
  • D. None of these
2 If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
  • A. supply and demand both increase equally
  • B. supply and demand both decrease equally
  • C. supply decreases and demand increases
  • D. supply increases and demand decreases
3 If equilibrium price rises but equilibrium quantity is unchanged, the cause is
  • A. supply and demand both increase equally
  • B. supply and demand decrease equally
  • C. supply curve is vertical and demand increases
  • D. supply increases and demand is same
4 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>
5 When the supply curve of a product is parallel to the vertical axis, it would mean that;
  • A. Different quantities of a product are supplied at the same price.
  • B. Different quantities of a product are supplied at different price.
  • C. Same quantities of a product are supplied at different price.
  • D. None of three
6 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
7 One of the following is not an assumption of law of supply.
  • A. Political system should not changed
  • B. Cost of production should not changed
  • C. Production technique should not changed
  • D. Cost of raw material should not changed
8 Which one will be termed as supply of a product.
  • A. One tone potato in cold storage
  • B. One ton rice offered for sale in market
  • C. One ton rice brought for sale in market at a certain price.
  • D. None of the three
9 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
10 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

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