Market Equilibrium CBSE Questions & Answers

Market Equilibrium

This is Economics Class 12 Market Equilibrium CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.

Questions & Answers

1
Given the market equilibrium of a good. The effect of a simultaneous increase in both demand and supply of that good can be a rise in price. It is
  • A
    Insufficient information
  • B
    Can’t say
  • C
    True
    Correct
  • D
    False
2
Given the market equilibrium of a good. The effect of a simultaneous increase in both demand and supply of that good can be a rise in equilibrium quantity. It is
  • A
    1
    Correct
  • B
    Can’t say
  • C
    False
  • D
    Insufficient information
3
Given the market equilibrium of a good. The effect of a simultaneous increase in both demand and supply of that good can be a rise in price if a change in
  • A
    Demand is less than the change in supply
  • B
    Demand is equal to the change in supply
  • C
    Demand is greater than the change in supply
    Correct
  • D
    Demand is not greater than the change in supply
4
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
  • A
    Can’t say
  • B
    1
    Correct
  • C
    False
  • D
    Insufficient information
5
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 equilibrium quantity. It is
  • A
    Insufficient information
  • B
    1
    Correct
  • C
    False
  • D
    Can’t say
6
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 if a change in
  • A
    supply is equal to the change in Demand
  • B
    supply is greater than the change in Demand
    Correct
  • C
    supply is less than the change in Demand
  • D
    supply is not greater than the change in Demand
7
The equilibrium price will not change for a good if the demand is perfectly elastic. It is
  • A
    May be
  • B
    Can’t say
  • C
    False
  • D
    1
    Correct
8
The equilibrium price will not change for a good if the demand is perfectly inelastic. It is
  • A
    Can’t say
  • B
    May be
  • C
    True
  • D
    0
    Correct
9
The equilibrium price will not change for a good if the demand is elastic. It is
  • A
    Can’t say
  • B
    True
  • C
    May be
  • D
    0
    Correct
10
The equilibrium price will not change for a good if the demand is inelastic. It is
  • A
    0
    Correct
  • B
    May be
  • C
    Can’t say
  • D
    True
11
The equilibrium price will not change for a good if the supply is perfectly elastic. It is
  • A
    1
    Correct
  • B
    May be
  • C
    Can’t say
  • D
    False
12
The equilibrium price will not change for a good if the supply is perfectly inelastic. It is
  • A
    0
    Correct
  • B
    Can’t say
  • C
    May be
  • D
    True
13
The equilibrium price will not change for a good if the supply is elastic. It is
  • A
    Can’t say
  • B
    True
  • C
    0
    Correct
  • D
    May be
14
At a price of Rs. 15 per unit of a good, demand for the good is 200 units while supply is 300 units, the effect on price of this good is
  • A
    Fall in price
    Correct
  • B
    Insufficient information
  • C
    Rise in price
  • D
    No effect
15
An increase in demand imply an increase in price but no change in quantity if
  • A
    Supply is perfectly inelastic
    Correct
  • B
    Supply is less elastic
  • C
    Supply is perfectly elastic
  • D
    Supply is unitary elastic