Minimum support price of a foodgrain is the example of _______

Suppose the government sets a price for agricultural goods in the market. The market would react unless measures are taken by the government to maintain the price. Arrange the correct sequence for the procedure.

A. There would be excess supply in the market.

B. The government needs to buy the surplus at a pre-determined price.

C. The prices would fall.

D. Prices for agricultural goods are set higher than the market price by the government.

Choose the correct answer from the options given below:

Let us consider a linear demand curve $q = a - bp$. On the same demand curve, arrange the elasticity in ascending order.

(A) $|e_D| = 1$.

(B) $|e_D| < 1$.

(C) $|e_D| > 1$.

(D) $|e_D| = 0$.

Choose the correct answer from the options given below:

With the free entry of a new firm there will be a shift in the demand curve. How does that shift in the demand curve affect the equilibrium price?

The wage rate at which the labour market is in equilibrium is a point where.

1. Labour demand=0
2. Labour Demand= Labour Supply
3. Labour Supply=Labour Demand=0
4. Wages= Marginal Revenue from labour x Price

If supply curve shifts leftward and demand curve shifts rightward then how it will affect the pricing?

'Through the minimum wage legislation, the government ensures that the wage rate of labourer's does not fall below a particular level.'

The said statement implies which of the following concept.