Class XII

_____________ is the price at which demand for a commodity is equal to its supply?
  1. Secular price
  2. Normal price
  3. Equilibrium price
  4. Short run price
The factor that causes a change in demand is
  1. The factor that causes a change in demand is
  2. An improvement in technology
  3. Price of the given good
  4. Price of the substitute good
Given the market equilibrium of a good. The effect of a simultaneous increase in both demand and supply of that good can be a fall in price. It is
  1. False
  2. Can’t say
  3. Insufficient information
  4. 1
The equilibrium price will not change for a good if the demand is perfectly inelastic. It is
  1. True
  2. May be
  3. Can’t say
  4. 0
Equilibrium price may or may not change with shifts in both demand and supply curve.
  1. May not change only
  2. Only may change
  3. YES
  4. NO
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