CUET Economics 2023 1 June Shift 1 PYQs

Arrange the following in correct sequence, to correct the problem of mismatch between supply and demand forces:

(A) There is excess demand in the market.

(B) All other things remain the same as price rises, quantity demanded falls and quantity supplied increases.

(C) Some consumers who are either unable to obtain the commodity at all or obtain it in insufficient quantity will be willing to pay more than the prevailing prices.

(D) The market moves towards the point where the quantity that the firms want to sell is equal to the quantity that the consumers want to buy.

Choose the correct answer from the options given below:

If due to fall in price, total expenditure on the commodity falls, it indicates?

When the price of a good falls from Rs. 40 to Rs 30, the total revenue earned by the firm falls from Rs. 4000 to Rs. 2700, find price elasticity of supply for the good.