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Modern School Jaipur Class: Xi Subject: Economics Chapter: Market Equilibrium Day & Date: Tuesday (01/02/2022)

This document contains a summary of an economics class on market equilibrium. It includes 13 multiple choice and short answer questions covering concepts like total revenue, marginal revenue, average revenue, price, market equilibrium, price ceilings and floors, excess and deficient demand and supply. The questions assess understanding of formulas and relationships between economic concepts as well as how to explain and illustrate equilibrium using schedules and diagrams.

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Sandeep Nehra
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66 views1 page

Modern School Jaipur Class: Xi Subject: Economics Chapter: Market Equilibrium Day & Date: Tuesday (01/02/2022)

This document contains a summary of an economics class on market equilibrium. It includes 13 multiple choice and short answer questions covering concepts like total revenue, marginal revenue, average revenue, price, market equilibrium, price ceilings and floors, excess and deficient demand and supply. The questions assess understanding of formulas and relationships between economic concepts as well as how to explain and illustrate equilibrium using schedules and diagrams.

Uploaded by

Sandeep Nehra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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MODERN SCHOOL

JAIPUR
CLASS: XI SUBJECT: ECONOMICS
CHAPTER: Market equilibrium DAY & DATE: TUESDAY (01/02/2022)

_______________________________________________________________________________________________________________

Q.1. Total revenue can be found out by –

Q.2. When marginal revenue is zero, total revenue will be –


(a) lowest (b) highest
(c) negative (d) zero
Q.3. If MR < 0, then the TR will be –
(a) rising (b) highest
(c) falling (d) zero
Q.4. The revenue per unit of called as – one commodity sold is
(a) Total Revenue (b) Marginal Revenue
(c) Average Revenue (d) None of the above
Q.5. AR can be found out by the formula –

Q.6. Which concept of revenue is called price?


(a) TR (b) AR
(c) MR (d) None of these
Q.7.

(i) Total Revenue (ii) Marginal Revenue


(iii) Average Revenue (iv) Price

(a) i & iii (b) ii & iv


(c) ii & iii (d) iii & iv
Q.8. The equilibrium price remains constant only if demand and supply
(a) increase unequally (b) decrease unequally
(c) increase equally (d) none of the above
Q.9. In the short period equilibrium price is –
(i) higher than long run price (ii) higher than market price
(iii) lower than market price (iv) lower than long run price

(a) i & ii (b) ii & iii


(c) iii & iv (d) i & iii
Q.10. Uniform price for homogeneous product at any one time is the essential condition of –
(a) monopolistic competition (b) oligopoly
(c) perfect competition (d) duopoly
Q.11. What is market equilibrium explain it using schedule and diagram.
Q.12. Differentiate between price ceiling and floor with an example and diagram.
Q.13. Explain the following with their chain effect:-
A. Excess demand
B. Excess supply
C. Deficient demand
D. Deficient supply

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