CUET Economics: MicroMarket Equilibrium. Free, no login required.

At a price of ₹8 per unit, the quantity supplied of a commodity is 200 units. If its price elasticity of supply is 1.5, if the price rises to ₹10 per unit, calculate the quantity supplied at the new price?

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

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.

If due to fall in price, total expenditure on the commodity falls, it indicates?

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

What would price ceiling lead to when the maximum price is fixed lower than the equilibrium price?

An upward sloping straight line supply curve shooting from the X axis indicates the:

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:

Match List-I with List-II

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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)

If demand remains constant at any changes in price of commodity then the elasticity of demand for that commodity will be....................

1. Zero
2. One
3. Between one and zero
4. Infinite

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.

Suppose in the long run, the government imposed a tax on the supply of a commodity. How does it affect the equilibrium quantity of commodity?

1. The quantity of commodity will decrease.
2. The quantity of commodity will increase.
3. The quantity of commodity will remain same.
4. The supply curve will shift rightwards which will decrease quantity of 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

Arrange the following statement in the context of elasticity along a linear demand curve (left to right).

(A) e_d = 1

(B) e_d > 1

(C) e_d = 0

(D) e_d < 1

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The q (1 + e_p) < 0, and hence, ΔE (expenditure) has the opposite sign as Δp (price), if ...................

How government intervention through price control policy will have an impact on the market?

(A) The government imposed lower limit on the price that may be charged

(B) For certain goods and services, a fall in price below a particular level is not desirable

(C) Thereby leading to an excess supply in the market

(D) Government needs to buy the surplus at the predetermined price

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A functional relation between the two variables expressed $y = 50 - x$, will have slope.

Match List-I with List-II

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When demand curve shift rightward and supply curve shift leftward what impact this will have on pricing?

What will be elasticity of demand of a commodity when its price rises by 20% and quantity demanded falls from 125 units to 75 units?

Match List-I with List-II

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Downward movement along the demand curve is caused by _________.

Arrange the following statements in chronological sequence about how government intervention in the form of price control has an impact on the market.

(A) There will be an excess demand for sugar in the market at that price.

(B) Government-imposed upper limit on the price of sugar.

(C) Quantity of sugar can be distributed to everyone, through a system of rationing.

(D) It could end up creating a shortage of sugar in the market.

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Match List-I with List-II

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Identify the correct sequence of events when a minimum support price is imposed:

(A) Government buys the surplus at the predetermined price.

(B) Situation of Surplus occurs due to imposition of floor price.

(C) Government sets a minimum price.

(D) Market equilibrium occurs by the intersection of demand and supply curves.

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If the price of a good increases from ₹20 to ₹25 and the quantity demanded decreases from 100 units to 80 units, calculate the price elasticity of demand.

A market where firms can choose where to locate production and workers can choose where to work is called?