A leftward shift is called a
Increase in Supply
Decrease in Supply
Both A and B
None of these
What does 'willing' means ?
Consumer wants to buy the good
Other things remaining same
All things other than price
_____________ defined as a state of balance between different forces ,such that there is no tendancy to change .
Supply
Demand
Equilibrium
Equilibrium price
______________ refers to the well beings of society .
Producer surplus
Welfare
Subsidies
Consumer surplus
__________ 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 .
Marginal cost
Average cost
A __________ is a payment made to firm by the government .
Tax
Subsidy
Income
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 .
Who gave ceteris paribus assumption ?
Marshall
Adamsmith
Ricardo
Walras
__________ is defined as the highest price consumers are willing to pay for a good minus the price actually paid .
A rightward shift of the curve is called an
Both a and b
