MCQ Economics Class 12 Chapter 5 Market Equilibrium Microeconomics

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MCQ’s For All Chapters – Microeconomics Class 12th

1. What is meant by market equilibrium?

Question 1 of 20

2. What is the price at which equilibrium is reached called?

Question 2 of 20

3. What is called the equilibrium quantity?

Question 3 of 20

4. When market supply is greater than market demand at a given price, what exists?

Question 4 of 20

5. What happens to price when there is excess demand in a perfectly competitive market?

Question 5 of 20

6. What happens to price when there is excess supply?

Question 6 of 20

7. Graphically, where does market equilibrium occur?

Question 7 of 20

8. In Example 5.1, what is the equilibrium price of wheat?

Question 8 of 20

9. In Example 5.1, what is the equilibrium quantity of wheat?

Question 9 of 20

10. In the wheat example, what happens at a price of Rs 25?

Question 10 of 20

11. What is the algebraic expression for excess demand in Example 5.1?

Question 11 of 20

12. At a price higher than the equilibrium price, which situation occurs?

Question 12 of 20

13. In the labour market, who supplies labour?

Question 13 of 20

14. In the labour market, who demands labour?

Question 14 of 20

15. In the chapter, labour refers to:

Question 15 of 20

16. At what point does a profit-maximising firm employ labour?

Question 16 of 20

17. What is the formula for marginal revenue product of labour?

Question 17 of 20

18. In a perfectly competitive firm, marginal revenue is equal to:

Question 18 of 20

19. Why is the demand curve for labour downward sloping?

Question 19 of 20

20. What is the shape of the individual labour supply curve described in the chapter?

Question 20 of 20


 

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