__________ 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
A vertical Supply curve ,as price increases the quantity supplied
Decrease
Increase
Remains constant
None of these
What does 'willing' means ?
Consumer wants to buy the good
Other things remaining same
All things other than price
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 .
Producer surplus
Marginal cost
Average cost
A leftward shift is called a
Increase in Supply
Decrease in Supply
Both A and B
When quantity demanded is equal to quantity supplied there is
A ___________ lowers cost of production.
Improved technology
More labours
Raw materials
Investment
__________ is defined as the highest price consumers are willing to pay for a good minus the price actually paid .
Welfare
_____________ defined as a state of balance between different forces ,such that there is no tendency to change .
Supply
Price