CBSE Class 11 Economics Market Equilibrium Quiz 3

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CBSE › Class 11 › Economics › Market Equilibrium

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1. Who gave the concept of ‘Time Element’ in price determination process ?

A Ricardo B Walras C Marshall D J. K. Mehta

2. How many categories of production duration have been made by Marshall on the basis of supply ?

A Two B Three C Four D Seven

3. Which is a reason of change in demand ?

A Change in Consumer’s Income B Change in Prices of Related Goods C Population increase D All the above

4. Which statement is correct ?

A In very short period, supply is perfectly inelastic, price is affected by both demand conditions. B Supply curve elasticity depends on time period C Both (a) and (b) D None of the above

5. Market Price is found in:

A Short Period Market B Long Period Market C Very Long Period Market D None of these

6. The price of a good is determined by:

A Demand B Supply C Both demand and supply D Government

7. Market price is associated with:

A Price of very short period B Normal price C Permanent price D All of these

8. The price of a goods in perfect competition is determined by:

A Bargaining B Production cost C Marginal utility D Demand and supply

9. In perfect competition, a firm:

A Determines price B Obtains price C Both (a) and (b) D None of these

10. In very short period, supply will be:

A Perfectly elastic B Perfectly Inelastic C Elastic D None of these

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