At the point of equilibrium, ___________.
Only one price prevails
Quantity demanded = quantity supplied
The demand curve intercepts the supply curve
All the above
In order to protect the interest of the producers, the Government may fix for commodities ___________.
Equilibrium price
Minimum price
Normal price
None of these
Equilibrium literally means _____.
Balance
Imbalance
Change
Supply remaining the same, an increase in demand will bring out
A fall in price
A rise in price
No change in price
Slowly rise in price
Changes in quantity demanded occur _____________.
Only when price changes
Due to change of taste
Both A and B
When Government fixes price at a lower level than the equilibrium price, the supply ____________.
Equals demand
Exceeds demand
Falls short of demand
Which of the following cause black marketing?
Fixation of maximum price by Government
Fixation of minimum price by Government
Fixation of support price by Government
Government adopts dual marketing to avoid _____________.
Rationing
Private trading
Black marketing
Which of the following determines price of a commodity in a market?
Demand
Supply
Both a and b
When demand and supply fall proportionately, equilibrium price will ____________.
Increase
Decrease
Remain unchanged
