| 1 |
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
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| 2 |
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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| 3 |
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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| 4 |
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
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| 5 |
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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| 6 |
Market equilibrium means |
- A. number of buyers and sellers are equal
- B. demand and supply of commodity are equal
- C. no price is changing
- D. prices rise very slowly
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| 7 |
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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| 8 |
Market Price of Perishable |
- A. Commodities
- B. Utility
- C. Consumer
- D. None of these
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| 9 |
Extension of supply will take place as a consequence of: |
- A. Change in price
- B. Change in population
- C. Change in technology
- D. Change in money supply
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| 10 |
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
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