The time element in price analysis was introduced by __________.
J.R. Hicks
J.M. Keynes
Alfred Marshall
J.S. Mill
When supply increases at a rate higher than the rate at which demand increases, then the price will __________.
Increase
Decrease
Remains constant
None of these
Equilibrium literally means _____.
Balance
Imbalance
Change
Which of the following determines price of a commodity in a market?
Demand
Supply
Both a and b
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
The equilibrium price will not change when increase in supply is
Less than the increase in demand
Greater than the increase in demand
Equal to the increase in demand
Less than decrease in demand
In the long period, supply can be changed by changing _________.
All factors change
Only variable factor changes
Only fixed factor changes
Variable and fixed factor
When demand and supply fall proportionately, equilibrium price will ____________.
Remain unchanged
Above the equilibrium price, ___________.
S<D
S>D
S=D
The price at which demand and supply are equal is called _____ .
Normal price
Support price
Equilibrium price
