Equilibrium state is achieved at ………………… (a) The peak point of supply curve ; (b) The bottom point of demand curve (c) The inflation point of demand curve ; (d) The intersection of demand and supply curve

Equilibrium state is achieved at ………………… (a) The peak point of supply curve ; (b) The bottom point of demand curve (c) The inflation point of demand curve ; (d) The intersection of demand and supply curve
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Answer :

(d) The intersection of demand and supply curve
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Equilibrium state is achieved at (a) The peak point of supply curve ; (b) The bottom point of demand curve; (c) The inflection point of demand curve ; (d) The intersection of demand and supply curve

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Last Answer : (d) The intersection of demand and supply curve

In a market economy equilibrium price is reached at (a) Point of interaction of aggregate demand and aggregate supply curve; (b) At the top of demand curve ; (c) Midpoint of demand curve ; (d) Midpoint of supply curve

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Last Answer : (a) Point of interaction of aggregate demand and aggregate supply curve;

The individual demand and supply curve of a product are Dx = 12-2px, Sx=3+5px, where Px stand for price and Dx and Sc respectively stands for quantity demanded and quantity supplie(d) If there are 5000 consumers and 1000 suppliers for the product under question. What will be the equilibrium price (a) `4 ; (b) `5 ; (c) `3 ; (d) `4.5

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Last Answer : ; (c) `3 ;

Cost push inflation arises due to (a) Persistent rise in factor cost ; (b) Mismatch between demand and supply of commodities (c) Combine phenomena of demand pull and cost-push inflation. ; (d) Increase in price of precious metal

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Last Answer : (c) decreasing and quantity increasing ;

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A supply curve passing through any point on X axis(quantity) will have elasticity (a) Less than 1 ; (b) More than 1 ; (c) Just one ; (d) Zero

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Under perfect market conditions a firm is said to be in equilibrium where (a) Total output is equal to total demand ; (b) Profit is the maximum; (c) Where the total revenue is maximum ; (d) Where total average cost is the minimum

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A typical demand curve will normally have a (a) positive slope ; (b) horizontal slope ;(c) vertical slope ; (d) negative slope

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At a given time and in a given marketplace, the entire market demand curve indicates the (a) quantity of a good consumers would be willing and able to purchase at a given price. (b) quantity of a good consumers would be able to purchase at a series of prices. (c) quantity of a good consumers want to purchase at a given price (d) quantity of a good consumers have purchased at a series of prices over the year.

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Last Answer : (b) quantity of a good consumers would be able to purchase at a series of prices. 

The demand curve of a Monopoly firm is – (a) Same that of a firm in a perfect competition ; (b) Same as that of the total market demand; (c) Non-exist ; (d) Perfectly elastic

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Last Answer : (b) Same as that of the total market demand;

Demand curve of an Oligopoly firm is characterized by (a) Horizontal to X axis ; (b) Kink at the price ; (c) U shaped curve ; (d) A liner line

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Which of the following faces a downward sloping demand curve (a) Firm in a competitive market ; (b) Firm in a monopoly market ; (c) Both ; (d) None

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For a monopoly firm market demand curve is (a) Marginal revenue curve itself ; (b) Average Revenue curve itself ; (c) Marginal cost curve (d) None

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When the Demand curve of a pure monopoly firm is elastic, MR will be (a) Negative ; (b) Positive ; (c) Zero ; (d) Any of these

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Market demand curve for a commodity is a (a) Horizontal summation of all the individual demand curve for that product (b) Summation of demand curve of competitive products (c) Demand curve of average demand and price of previous six months (d) Projected demand schedule for next three months

Description : Market demand curve for a commodity is a (a) Horizontal summation of all the individual demand curve for that product (b) Summation of demand curve of competitive products (c) Demand curve of average demand and price of previous six months (d) Projected demand schedule for next three months

Last Answer : (a) Horizontal summation of all the individual demand curve for that product 

If price of Choco bar decreases we except (a) The quantity demanded to increase ; (b) Quantity demanded to decrease; (c) Demand curve to shift left ; (d) No change in quantity demanded

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Last Answer : (a) The quantity demanded to increase ; 

Change in price of the goods cause (a) Change in quantity demanded ; (b) Shift in demand curve ; (c) Change in price; (d) No effect on quantity demanded

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Last Answer : (a) Change in quantity demanded ;

Change in consumers tastes and preference causes – of the particular goods (a) Change in quantity demanded ; (b) Shift in demand curve ; (c) Change in price ; (d) No effect on quantity demanded

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Last Answer : (b) Shift in demand curve ;

Market demand curve for a commodity is (a) Horizontal summation of the individual demand curve for the commodity; (b) Summation of individual demand curve for 3 years; (c) Demand curve of complementary goods ; (d) Demand curve of supplementary goods

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Last Answer : (a) Horizontal summation of the individual demand curve for the commodity; 

Change in quantity demanded or Movement along demand curve occurs due (a) Due to change in price only ; (b) Change in Cetris paribus conditions only ; (c) Change in cost of production ; (d) Change in technology

Description : Change in quantity demanded or Movement along demand curve occurs due (a) Due to change in price only ; (b) Change in Cetris paribus conditions only ; (c) Change in cost of production ; (d) Change in technology

Last Answer : (a) Due to change in price only ;

Shift in Demand curve or change in Demand curve occurs due to (a) Increase in price ; (b) Decrease in cost of production ; (c) Change in Cetris paribus conditions ; (d) All the three

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Last Answer : (c) Change in Cetris paribus conditions ;

According to traditional approach the factor responsible for operation of downward slope of demand curve are (a) Change in number of consumers ; (b) Law of decreasing marginal utility (c) Alternative uses of goods ; (d) All the three

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Last Answer : (d) All the three

The elasticity of a demand curve with a constant slope (a) Increases at higher price ; (b) Decreases at higher price; (c) Increases at lower price ; (d) Remains constant

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Last Answer : (a) Increases at higher price ;

Market demand curve for a commodity is……………… (a) Horizontal summation of the individual demand curve for the commodity; (b) Summation of individual demand curve for 3 years; (c) Demand curve of complementary goods ; (d) Demand curve of supplementary goods

Description : Market demand curve for a commodity is……………… (a) Horizontal summation of the individual demand curve for the commodity; (b) Summation of individual demand curve for 3 years; (c) Demand curve of complementary goods ; (d) Demand curve of supplementary goods

Last Answer : (a) Horizontal summation of the individual demand curve for the commodity; 

Under perfect market conditions the supply curve of a firm is represented by (a) MC curve ; (b) MR curve ; (c) AR curve ; (d) AC curve

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Last Answer : (a) MC curve ; 

Which of these will have highly inelastic supply curve (a) Perishable goods ; (b) Consumer durables goods; (c) Items of elite class consumption ; (d) All the three

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Last Answer : (a) Perishable goods ;

A supply curve parallel to X axis means the product supply is (a) Limited ; (b) Unlimited ; (c) Not available ; (d) None

Description : A supply curve parallel to X axis means the product supply is (a) Limited ; (b) Unlimited ; (c) Not available ; (d) None

Last Answer : ; (b) Unlimited ;

Which of the following will have a relatively flat supply curve (a) Land ; (b) Labour ; (c) Capital ; (d) Raw material

Description : Which of the following will have a relatively flat supply curve (a) Land ; (b) Labour ; (c) Capital ; (d) Raw material

Last Answer : (a) Land ;

A positive sloped supply curve for a product represents (a) Supply will move with movement in the price in the opposite direction; (b) Supply will move with the movement in the price in the same direction; (c) Both ; (d) None

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Last Answer : (b) Supply will move with the movement in the price in the same direction; 

Shift in supply curve is cause by (a) Change in citrus paribus conditions ; (b) Increase in price; (c) Decrease in price ; (d) Change in consumer income

Description : Shift in supply curve is cause by (a) Change in citrus paribus conditions ; (b) Increase in price; (c) Decrease in price ; (d) Change in consumer income 

Last Answer : (a) Change in citrus paribus conditions ;

A perfectly elastic supply curve will be (a) Parallel to Y axis or a vertical line ; (b) Parallel to X axis; (c) U shaped ; (d) Downward sloping

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Last Answer : the aggregate demand curve