Class 11 Economics MCQ Chapter 11 Market Equilibrium and Simple Application of Tools of Demand and Supply Curve Question Answer English Medium to each chapter is provided in the list so that you can easily browse through different chapters Class 11 Economics MCQ Chapter 11 Market Equilibrium and Simple Application of Tools of Demand and Supply Curve and select need one. AHSEC Class 11 Economics Objective Type Solutions in English As Per AHSEC New Book Syllabus Download PDF. AHSEC Economics MCQ Class 11.
Class 11 Economics MCQ Chapter 11 Market Equilibrium and Simple Application of Tools of Demand and Supply Curve
Also, you can read the NCERT book online in these sections Solutions by Expert Teachers as per Central Board of Secondary Education (CBSE) Book guidelines. AHSEC Class 11 Economics Multiple Choice Solutions are part of All Subject Solutions. Here we have given AHSEC Class 11 Economics MCQ in English for All Chapters, You can practice these here.
Market Equilibrium and Simple Application of Tools of Demand and Supply Curve
Chapter: 11
| PART – A : MICROECONOMICS |
Choose the Correct Option:
1. What is equilibrium price?
(i) Price at which demand is higher than supply.
(ii) Price at which supply is higher than demand.
(iii) Price at which quantity demanded equals quantity supplied.
(iv) Price determined by producers only.
Ans: (iii) Price at which quantity demanded equals quantity supplied.
2. In perfect competition, equilibrium price is determined by:
(i) Firms’ production targets.
(ii) Government policies.
(iii) Demand and supply forces.
(iv) Import-export balance.
Ans: (iii) Demand and supply forces.
3. When a market is in equilibrium:
(i) There is either shortage or surplus.
(ii) Sellers earn supernormal profits.
(iii) There is no excess demand or excess supply.
(iv) Only buyers benefit.
Ans: (iii) There is no excess demand or excess supply.
4. Market equilibrium ensures that:
(i) Firms are price makers.
(ii) Consumers can’t influence price.
(iii) All buyers and sellers are satisfied.
(iv) Prices are determined weekly.
Ans: (iii) All buyers and sellers are satisfied.
5. The term “market clearing price” refers to:
(i) Maximum price in the market.
(ii) Minimum possible price.
(iii) Price at which no goods are sold.
(iv) Equilibrium price.
Ans: (iv) Equilibrium price.
6. In equilibrium, if price increases beyond equilibrium point, then:
(i) Demand increases.
(ii) Supply falls.
(iii) Excess supply occurs.
(iv) Price becomes fixed.
Ans: (iii) Excess supply occurs.
7. In a perfectly competitive market, how many prices are typically observed for the same good?
(i) Many different prices.
(ii) Only one price.
(iii) Two prices.
(iv) Prices fluctuate wildly.
Ans: (ii) Only one price.
8. What happens when the market is not in equilibrium?
(i) No production takes place.
(ii) Prices remain unchanged.
(iii) Either surplus or shortage exists.
(iv) The government sets prices.
Ans: (iii) Either surplus or shortage exists.
9. Which of the following is not a feature of equilibrium price?
(i) Demand equals supply.
(ii) No excess demand.
(iii) Sellers are unsure about price.
(iv) Stable price.
Ans: (iii) Sellers are unsure about price.
10. Market price is determined by:
(i) Only producers.
(ii) Government intervention.
(iii) Both demand and supply.
(iv) International agencies.
Ans: (iii) Both demand and supply.
11. If demand is greater than supply at a given price, it indicates:
(i) Equilibrium.
(ii) Surplus.
(iii) Excess demand.
(iv) Government control.
Ans: (iii) Excess demand.
12. Equilibrium quantity is the amount:
(i) Produced by the largest seller.
(ii) Supplied at a fixed price.
(iii) Bought and sold at equilibrium price.
(iv) Supplied under government control.
Ans: (iii) Bought and sold at equilibrium price.
13. When equilibrium is achieved:
(i) Quantity supplied > quantity demanded.
(ii) Quantity demanded > quantity supplied.
(iii) No buyers remain in the market.
(iv) All market participants are satisfied.
Ans: (iv) All market participants are satisfied.
14. Which of the following defines the concept of market equilibrium most accurately?
(i) Surplus of goods.
(ii) Price fluctuates regularly.
(iii) Demand and supply are balanced.
(iv) Sellers set high prices.
Ans: (iii) Demand and supply are balanced.
15. In a competitive market, equilibrium is reached when:
(i) The government fixes prices.
(ii) Supply is fixed by firms.
(iii) Demand and supply intersect.
(iv) Producers lower production.
Ans: (iii) Demand and supply intersect.
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