If additional unit tax imposed on goods by the government, then how it will be affect the movement of supply curve?

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?

An individual buys $15$ kg of sugar when its price is Rs. $5$ per kg. When the price increases to Rs. $7$ per kg, the demand goes down to $12$ kg of sugar. What is the price elasticity of demand for sugar?

The maximum retail price concept is an example of which of the following pricing?

When excess demand for a commodity is reduced to zero, what happens to the market price for that commodity?

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.

Which of the following is a demerit of price ceiling?

(A) Black Marketing.

(B) Stability of income of producers.

(C) Low quality product is offered to consumer.

(D) Standing in long queues to get allocated quota of the commodity.

Choose the correct answer from the options given below: