Micro

Market Equilibrium

Easy

Suppose the demand and supply curves of salt are given by:

$Q_d = 1000 - p$

$Q_s = 700 + 2p$

Find the equilibrium price and quantity.

Equilibrium price = 100, Equilibrium Quantity = 900

Equilibrium price = 200, Equilibrium Quantity = 900

Equilibrium price = 200, Equilibrium Quantity = 600

Equilibrium price = 100, Equilibrium Quantity = 600

✅ Correct Option: 1

Option 1: Equilibrium price = 100, Equilibrium Quantity = 900 -> At equilibrium, quantity demanded equals quantity supplied (Q_d = Q_s). Setting the equations equal: 1000 - p = 700 + 2p, which gives 300 = 3p, so p = 100. Substituting back: Q_d = 1000 - 100 = 900 and Q_s = 700 + 2(100) = 900. Both demand and supply equal 900 units at price 100, confirming this as the market equilibrium. -> correct

2026: 13 May Shift 2

In the perfect competition, the government regulation on goods which results in the creation of a black market is called ?

2026: 19 May Shift 2

Identify the correct statement regarding government intervention in case of price control from the following.

2025: 2 June Shift 1

When will increase in supply bring down the price, leaving the quantity demanded unchanged?

2026: 6 June Shift 1

The government imposed lower limit on the price that may be charged for a particular good or service is called?

2025: 21 May Shift 1

A hurricane in some parts of the country destroyed a major part of the onion crop. Arrange the chain effects of the same on onion market in proper sequence.

(A) There will be upward pressure on the price of onions.

(B) The buyers will compete in order to get onions in the market.

(D) The market supply of onions decreases, leading to excess demand for the same.

Choose the correct answer from the options given below:

2025: 13 May Shift 2

Arrange the following elasticity degrees along the demand curve in their ascending order.

(A) Elasticity (eD) = 1

(B) Elasticity (eD) > 1

(D) Elasticity (eD) = 0

Choose the correct answer from the options given below:

Suppose the demand and supply curves of salt are given by: Qd=1000−pQ_d = 1000 - pQd​=1000−p Qs=700+2pQ_s = 700 + 2pQs​=700+2p Find the equilibrium price and quantity.

Solution

Related questions:

Keyboard Shortcuts

CUET Economics Past Year Questions (Topic-Wise)

Suppose the demand and supply curves of salt are given by:

$Q_d = 1000 - p$

$Q_s = 700 + 2p$

Find the equilibrium price and quantity.