CBSE Class 11 Market Equilibrium Multiple Choice Questions with Answers. MCQ Questions Class 11 Market Equilibrium with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 11 Market Equilibrium with Answers to know their preparation level.
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MCQ Questions Class 11 Market Equilibrium with Answers - Set - 3
Question 1:Â
In very short period, supply will be:
(a) Perfectly elastic
(b) Perfectly Inelastic
(c) Elastic
(d) None of these
Correct Answer – (B)
Question 2:Â
The price of a goods in perfect competition is determined by:
(a) Bargaining
(b) Production cost
(c) Marginal utility
(d) Demand and supply
Correct Answer – (D)
Question 3:Â
The price of a good is determined by:
(a) Demand
(b) Supply
(c) Both demand and supply
(d) Government
Correct Answer – (C)
Question 4:Â
Which statement is correct ?
(a) In very short period, supply is perfectly inelastic, price is affected by both demand conditions.
(b) Supply curve elasticity depends on time period
(c) Both (a) and (b)
(d) None of the above
Correct Answer – (C)
Question 5:Â
How many categories of production duration have been made by Marshall on the basis of supply ?
(a) Two
(b) Three
(c) Four
(d) Seven
Correct Answer – (B)
MCQ Questions Class 11 Market Equilibrium With Answers
Question 6:Â
In perfect competition, a firm:
(a) Determines price
(b) Obtains price
(c) Both (a) and (b)
(d) None of these
Correct Answer – (B)
Question 7:Â
Market price is associated with:
(a) Price of very short period
(b) Normal price
(c) Permanent price
(d) All of these
Correct Answer – (A)
Question 8:Â
Market Price is found in:
(a) Short Period Market
(b) Long Period Market
(c) Very Long Period Market
(d) None of these
Correct Answer – (A)
Question 9:Â
Which is a reason of change in demand ?
(a) Change in Consumer’s Income
(b) Change in Prices of Related Goods
(c) Population increase
(d) All the above
Correct Answer – (D)
Question 10:Â
Who gave the concept of ‘Time Element’ in price determination process ?
(a) Ricardo
(b) Walras
(c) Marshall
(d) J. K. Mehta
