'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.

When both the demand and supply curves shift to indicate an increase in demand and supply in the same proportion. Then:

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?

In order to be effective, the price ceiling should be determined _______.

Arrange the following statements in correct sequence to determine the market equilibrium when the number of firms is fixed.

(A) There is excess demand in the market.

(B) Quantity demanded falls due to law of demand and quantity supplied increases due to law of supply(keeping other factors constant)

(C) The market price would tend to increase.

(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:

The price elasticity of supply of a commodity is 2.5. At a price of Rs.5 per unit, its quantity supplied is 300 units. What will be its quantity supplied at a price of Rs.4 per unit?

When the price elasticity of supply is equal to zero. Then..........

1. Supply curve is sloping downward.
2. Supply curve is horizontal.
3. Supply curve is upwards sloping.
4. Supply curve is vertical.