Question : Equilibrium price is the price when :
Option 1: Supply is greater than demand .
Option 2: Supply is less than demand .
Option 3: Demand is very high .
Option 4: Supply is equal to demand.
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Correct Answer: Supply is equal to demand.
Solution : The correct option is supply is equal to demand.
The equilibrium price is the point at which the quantity of a good or service that producers are ready to sell equals the quantity that consumers are eager to purchase. This is where the supply and demand curves meet on a graph, signifying a state of market balance. At this price, there is neither a surplus of supply nor an excess of demand, resulting in a stable market condition.
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Question : The marginal revenue of a monopolist is
Option 1: more than price .
Option 2: equal to price .
Option 3: less than price .
Option 4: less than marginal cost .
Question : While ascending a hill, the driver of the vehicle keeps the gear ratio:
Option 1: Equal to 1
Option 2: Less than 1
Option 3: Greater than 1
Option 4: Either equal to or greater than 1
Question : The elasticity of demand concerning price is
Option 1: Infinity
Option 2: One
Option 3: Greater than one
Option 4: Less than one
Question : Perfectly inelastic demand is equal to:
Option 1: one
Option 2: infinite
Option 3: zero
Option 4: greater than one
Question : Cross-demand expresses the functional relationship between
Option 1: demand and price of related commodities
Option 2: demand and income
Option 3: demand and price
Option 4: demand and supply
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