At the point of competitive market equilibrium , the sum of consumer and producer surplus is
Maximum
Minimum
Constant
None of these
A __________ is a payment made to firm by the government .
Tax
Subsidy
Income
When quantity demanded is equal to quantity supplied there is
Equilibrium quantity
Equilibrium price
Market equilibrium
Demand equilibrium
What does ceteris paribus mean ?
Other things remaining constant
Price of other goods remaining constant
Other things are simultaneously changing
No change
_____________ defined as a state of balance between different forces ,such that there is no tendancy to change .
Supply
Demand
Equilibrium
______________ refers to the well beings of society .
Producer surplus
Welfare
Subsidies
Consumer surplus
A ___________ lowers cost of production.
Improved technology
More labours
Raw materials
Distribution
_________ is the sum of all individual firms supplies of a good .
Market supply
Money supply
A rightward shift of the curve is called an
Increase in Supply
Decrease in Supply
Both a and b
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 demanded
