A rightward shift of the curve is called an
Increase in Supply
Decrease in Supply
Both a and b
None of these
A ___________ lowers cost of production.
Improved technology
More labours
Raw materials
Investment
A movement along the supply curve caused by a change in price is called a
Change in Supply
Change in demand
Change in quantity supplied
Change in quantity demand
__________ is defined as the price received by firms for selling their good minus the lowest price that they are willing to accept to produce to good .
Consumer surplus
Producer surplus
Marginal cost
Average cost
______________ refers to the well beings of society .
Welfare
Subsidies
What does 'willing' means ?
Consumer wants to buy the good
Other things remaining same
All things other than price
Demand
Demand definition is complete when we have data on :
Price ,quality and time
Income , quantity and time
Price,utility and time
Price ,quantity and utility .
_________ is the sum of all individual firms supplies of a good .
Supply
Market supply
Market demand
__________ refers to producing the combination of goods wanted by society .
Economic efficiency
Excess supply
Social surplus
At the point of competitive market equilibrium , the sum of consumer and producer surplus is
Maximum
Minimum
Constant
Ceteris paribus
