CBSE  /  Class 11  /  Economics  /  Market Equilibrium

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

  • Ricardo
  • Walras
  • Marshall
  • J. K. Mehta

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

  • Two
  • Three
  • Four
  • Seven

  • 3. 
    Which is a reason of change in demand ?

  • Change in Consumer’s Income
  • Change in Prices of Related Goods
  • Population increase
  • All the above

  • 4. 
    Which statement is correct ?

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

  • 5. 
    Market Price is found in:

  • Short Period Market
  • Long Period Market
  • Very Long Period Market
  • None of these

  • 6. 
    The price of a good is determined by:

  • Demand
  • Supply
  • Both demand and supply
  • Government

  • 7. 
    Market price is associated with:

  • Price of very short period
  • Normal price
  • Permanent price
  • All of these

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

  • Bargaining
  • Production cost
  • Marginal utility
  • Demand and supply

  • 9. 
    In perfect competition, a firm:

  • Determines price
  • Obtains price
  • Both (a) and (b)
  • None of these

  • 10. 
    In very short period, supply will be:

  • Perfectly elastic
  • Perfectly Inelastic
  • Elastic
  • None of these
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