Suppose the demand and supply curve of commodity X in a perfectly competitive market are given by:

$q_d = 700 - p$

$q_s = 500 + 3p$

Assume that the market consists of identical firms. What will be the equilibrium price for this commodity?

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

Match List-I with List-II

Choose the correct answer from the options given below:

1. (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
2. (A) - (II), (B) - (I), (C) - (III), (D) - (IV)
3. (A) - (I), (B) - (II), (C) - (IV), (D) - (III)
4. (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

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

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

'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.

Arrange the statements to define the relationship between elasticity and expenditure of a commodity.

(A) The percentage increase in quantity demanded is greater than the percentage decline in the price.

(B) The impact on expenditure depends on how responsive the demand for the good is to the price change.

(C) The nature of price elasticity of demand is elastic.

(D) Expenditure on the goods will increase.

Choose the correct answer from the options given below: