The price at which demand and supply are equal is called _____ .
Normal price
Support price
Equilibrium price
None of these
In order to protect the interest of the producers, the Government may fix for commodities ___________.
Minimum price
Above the equilibrium price, ___________.
S<D
S>D
S=D
When Government fixes price at a lower level than the equilibrium price, the supply ____________.
Equals demand
Exceeds demand
Falls short of demand
The time element in price analysis was introduced by __________.
J.R. Hicks
J.M. Keynes
Alfred Marshall
J.S. Mill
Which of the following determines price of a commodity in a market?
Demand
Supply
Both a and b
The support price fixed by Government is generally __________.
Equal to the equilibrium price
Lower than the equilibrium price
Higher than the equilibrium price
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
When demand and supply fall proportionately, equilibrium price will ____________.
Increase
Decrease
Remain unchanged
Equilibrium literally means _____.
Balance
Imbalance
Change