Class XII

The equilibrium price is determined by
  1. Demand and supply
  2. The Government
  3. Demand only
  4. Supply only
Market for a good is in equilibrium. An increase in demand for the good will
  1. Raise the price
  2. Only quantity exchanged is affected
  3. Lower the price
  4. Price is unaffected
unfavorable change in the taste for a good leads to
  1. Contraction of the demand for the given good
  2. Shift of the demand curve of the given good only
  3. Shift of the demand and supply curves of the given good
  4. Shift of the demand and supply curves of the given good
Market for a good is in equilibrium. An increase in supply for the good will
  1. Move the supply curve
  2. Move the demand curve
  3. Shift the supply curve
  4. Shift the demand curve
ring deficient demand
  1. Market price rise
  2. Market price remains the same
  3. Market price remains the same
  4. Market price fall
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