EASY
12th CBSE
IMPORTANT
Earn 100

When do we say there is excess demand for a commodity in the market?

Important Questions on Market Equilibrium

EASY
12th CBSE
IMPORTANT
Introductory Microeconomics>Chapter 5 - Market Equilibrium>Q 3
When do we say there is excess supply for a commodity in the market ?
MEDIUM
12th CBSE
IMPORTANT
Introductory Microeconomics>Chapter 5 - Market Equilibrium>Q 4
What will happen if the price prevailing in the market is
(i) above the equilibrium price?
(ii) below the equilibrium price?
EASY
12th CBSE
IMPORTANT
Introductory Microeconomics>Chapter 5 - Market Equilibrium>Q 5
Explain how price is determined in a perfectly competitive market with fixed number of firms. 
EASY
12th CBSE
IMPORTANT
Introductory Microeconomics>Chapter 5 - Market Equilibrium>Q 6
Suppose the price at which equilibrium is attained in exercise 5 is above the minimum average cost of the firms constituting the market. Now if we allow for free entry and exit of firms, how will the market price adjust to it?
MEDIUM
12th CBSE
IMPORTANT
Introductory Microeconomics>Chapter 5 - Market Equilibrium>Q 7
At what level of price do the firms in a perfectly competitive market supply when free entry and exit are allowed in the market? How is equilibrium quantity determined in such a market?
MEDIUM
12th CBSE
IMPORTANT
Introductory Microeconomics>Chapter 5 - Market Equilibrium>Q 8
How is the equilibrium number of firms determined in a market where entry and exit are permitted?
MEDIUM
12th CBSE
IMPORTANT
Introductory Microeconomics>Chapter 5 - Market Equilibrium>Q 9

How are the equilibrium price and quantity affected when the income of the consumer's increases?

HARD
12th CBSE
IMPORTANT
Introductory Microeconomics>Chapter 5 - Market Equilibrium>Q 10

How are the equilibrium price and quantity affected when the income of the consumers decreases?