Class 11 Economics MCQ Chapter 13 Market Equilibrium Solutions to each chapter is provided in the list so that you can easily browse through different chapters Class 11 Economics MCQ Chapter 13 Market Equilibrium Question Answer and select need one. NCERT Class 11 Economics MCQ Chapter 13 Market Equilibrium Solutions Download PDF. AHSEC Class 11 Economics Multiple Choice Solutions.
Class 11 Economics MCQ Chapter 13 Market Equilibrium
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. NCERT Class 11 Economics Objective Type Solutions are part of All Subject Solutions. Here we have given AHSEC Class 11 Economics Multiple Choice Question and Answer, HS First Year Economics MCQ Solutions for All Chapters, You can practice these here.
Market Equilibrium
Chapter: 13
PART – (B) INTRODUCTORY MACROECONOMICS
| MCQ |
1. Which of the following factors determines the equilibrium price?
(a) Demand for commodities.
(b) Supply of commodities.
(c) Both (a) and (b).
(d) None of the above.
Ans: (c) Both (a) and (b).
2. Which is a characteristic of the market ?
(a) One Area.
(b) Presence of both Buyers and Sellers.
(c) Single Price of the Commodity.
(d) All the above.
Ans: (d) All the above.
3. Price of a commodity is determined at a point where:
(a) Demand exceeds supply.
(b) Supply exceeds demand.
(c) Demand equals supply.
(d) None of these.
Ans: (c) Demand equals to supply.
4. Which of the following is a feature of perfect competition?
(a) Large Number of Buyers and Sellers.
(b) Homogeneous Units of the Product.
(c) Perfect Knowledge of the Market.
(d) All the above.
Ans: (d) All the above.
5. At a price above the equilibrium price, there is:
(a) Excess supply.
(b) Excess demand.
(c) Price ceiling.
(d) Price flooring.
Ans: (a) Excess supply.
6. Which one is a feature of monopoly?
(a) Single Seller and Many Buyers.
(b) Equilibrium.
(c) None of the above.
(d) All of these.
Ans: (a) Single Seller and Many Buyers.
7. _______plays a dominant role in determining equilibrium price in a short period.
(a) Demand.
(b) Supply.
(c) Both demand and supply.
(d) None of the above.
Ans: (a) Demand.
8. Which factor determines Equilibrium Price?
(a) Demand for Commodity.
(b) Supply of Commodity.
(c) Both (a) and (b).
(d) None of the above.
Ans: (c) Both (a) and (b).
9. ______plays a dominant role in determining equilibrium price in the long period.
(a) Demand.
(b) Supply.
(c) Both demand and supply.
(d) None of the above.
Ans: (b) Supply.
10. What is a price ceiling?
(a) A government-imposed lower limit on prices.
(b) A government-imposed upper limit on prices.
(c) A type of tax on goods.
(d) A method to regulate supply.
Ans: (b) A government-imposed upper limit on prices.
11. Equilibrium price and output changes when:
(a) Demand changes.
(b) Supply changes.
(c) Both demand and supply changes.
(d) All of the above.
Ans: (d) All of the above.
12. What occurs when a price floor is set above the equilibrium price?
(a) Excess demand.
(b) Loss.
(c) Excess supply.
(d) Profit.
Ans: (c) Excess supply.
13. When demand increases with no change in supply, equilibrium price_______ and quantity______.
(a) Rises, rises.
(b) Rises, falls.
(c) Falls, falls.
(d) Falls, rises.
Ans: (a) Rises, rises.
14. A market in which there is free entry and exit, the market is:
(a) Monopolistic Competitive Market.
(b) Imperfect Competitive Market.
(c) Perfectly Competitive Market.
(d) None of these.
Ans: (c) Perfectly Competitive Market.
15. A rightward shift of the demand curve leads to:
(a) Increase in price alone.
(b) Increase in quantity alone.
(c) Increase in both price and quantity.
(d) Increase in quantity and decrease in price.
Ans: (c) Increase in both price and quantity.
