Class XII

At Equilibrium price
  1. Buyers and sellers are able to exchange goods
  2. Buyers and sellers are not able to exchange goods
  3. Only the buyers are able to exchange goods
  4. Only the sellers are able to exchange goods
Market for a good is in equilibrium. A decrease in price for the good will
  1. Move the supply curve
  2. Shift the demand curve
  3. None of these
  4. Shift the supply curve
The factor that causes a change in quantity supplied is
  1. Price of the substitute good
  2. Price of the inputs
  3. Price of the complementary good
  4. Price of the given good
During excess demand
  1. None of these
  2. Market price is same as the equilibrium price
  3. Market price is lower than the equilibrium price
  4. Market price is higher than the equilibrium price
The equilibrium price will not change for a good if the demand is inelastic. It is
  1. May be
  2. True
  3. Can’t say
  4. 0
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