__________ refers to producing the combination of goods wanted by society .
Economic efficiency
Excess supply
Social surplus
Consumer surplus
At the _________ ,the quantity consumers are willing and able to buy is exactly equal to the quantity firms are willing and able to sell .
Equilibrium price
Equilibrium quantity
Market equilibrium
Equilibrium
The Sum of Consumer and Producer surplus is known as
Community Surplus
Both a and b
None of these
A leftward shift is called a
Increase in Supply
Decrease in Supply
Both A and B
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
A rightward shift of the curve is called an
A __________ is a payment made to firm by the government .
Tax
Subsidy
Income
What does 'willing' means ?
Consumer wants to buy the good
Other things remaining same
All things other than price
__________ is defined as the highest price consumers are willing to pay for a good minus the price actually paid .
Welfare
Producer surplus
