MCQ Economics Class 12 Chapter 5 Market Equilibrium Microeconomics

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MCQ’s For All Chapters – Microeconomics Class 12th

1. What is the shape of the market supply curve of labour?

Question 1 of 20

2. What happens to equilibrium price and quantity when demand shifts rightward while supply remains unchanged?

Question 2 of 20

3. What happens when the demand curve shifts leftward with supply unchanged?

Question 3 of 20

4. What effect does an increase in the income of consumers have on the demand for a normal good?

Question 4 of 20

5. What happens to the demand curve when the number of consumers increases?

Question 5 of 20

6. What is the effect of a leftward shift in the supply curve on equilibrium price and quantity?

Question 6 of 20

7. What happens when the number of firms in the market increases?

Question 7 of 20

8. When both demand and supply curves shift rightward, what happens to equilibrium quantity?

Question 8 of 20

9. When demand and supply curves shift in opposite directions, which variable has an unambiguous effect?

Question 9 of 20

10. With free entry and exit of identical firms, the equilibrium price is equal to:

Question 10 of 20

11. What happens when firms earn supernormal profit under free entry and exit?

Question 11 of 20

12. What happens when firms earn less than normal profit under free entry and exit?

Question 12 of 20

13. In Example 5.2, what is the equilibrium price with free entry and exit?

Question 13 of 20

14. In Example 5.2, what is the equilibrium quantity of wheat?

Question 14 of 20

15. In Example 5.2, what is the equilibrium number of firms?

Question 15 of 20

16. What happens to equilibrium price when demand shifts rightward under free entry and exit?

Question 16 of 20

17. What is a price ceiling?

Question 17 of 20

18. What happens when a price ceiling is imposed below the equilibrium price?

Question 18 of 20

19. What is a price floor?

Question 19 of 20

20. What happens when a price floor is imposed above the equilibrium price?

Question 20 of 20


 

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