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Market Equilibrium Under Perfect Competition& Effects of Shifts in Demand and Supply

The document is a revision test for Grade 11 students focusing on market equilibrium under perfect competition, including effects of shifts in demand and supply. It consists of multiple-choice questions, short answer questions, and long-type questions related to concepts such as equilibrium price, price floors, and the impact of changes in demand and supply. The test aims to assess students' understanding of key economic principles and their ability to apply them in various scenarios.

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Jeena Jabez
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24 views2 pages

Market Equilibrium Under Perfect Competition& Effects of Shifts in Demand and Supply

The document is a revision test for Grade 11 students focusing on market equilibrium under perfect competition, including effects of shifts in demand and supply. It consists of multiple-choice questions, short answer questions, and long-type questions related to concepts such as equilibrium price, price floors, and the impact of changes in demand and supply. The test aims to assess students' understanding of key economic principles and their ability to apply them in various scenarios.

Uploaded by

Jeena Jabez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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REVISION TEST

MARKET EQUILIBRIUM UNDER PERFECT COMPETITION& EFFECTS OF


SHIFT IN DEMAND AND SUPPLY
Grade 11
Marks: 30
Date:
Time: 90 MINS
Answer the following questions in One word:
(1x10=10)
1. Under Perfect competition, market equilibrium is determined by the
__________________. (market forces/government)
2. Pressure of _______________________ leads to rise in market price. (excess
demand/excess supply)
3. If demand and supply both increase in the same proportion, then
equilibrium _______________ remains the same. (Price/Quantity)
4. _____________________ refers to fixation of price lower than equilibrium
price. (Price Ceiling/Price Floor)
5. Market equilibrium is a situation when demand is _______________ supply.
(equal to/greater than)
6. Equilibrium Price remains same if demand curve is _______________________.
(perfectly elastic/perfectly inelastic)
7. _________________ in price of inputs will lead to a fall in the equilibrium
price. (fall/rise)
8. In a situation of ________________ demand, increase or decrease in supply
causes a full impact on price of the commodity. (perfectly elastic/perfectly
inelastic)
9. Price Floor leads to ____________________. (excess demand/excess supply)
10.If demand and supply curve simultaneously shift towards the left in the
same proportion, equilibrium ____________________ falls. (price/quantity)
Answer the following questions:
11.What is meant by equilibrium price? Explain it with the help of a table and
a diagram.
(3)
12.With the help of a hypothetical schedule, briefly describe the
determination of market equilibrium.
(3)
13.In the Union budget for the year 2022- 23, the excise duty on tea was
reduced from ₹ 2 per kg to ₹ 1 per kg. All other things remaining
unchanged, how will it affect the market price of tea?
(4)
OR
14.Using Supply and Demand curves, show how an increase in the price of
shoes affects the price of a pair of socks and the number of pairs of socks
bought and sold?
Answer the following Long- Type Question and Answers:
15.Explain the effects of “Price floor” on the market of a good. Use diagram.
(5)
16.Explain the chain of effects of increase in income of buyers of a
commodity on its demand.
(5)
OR
17.How is the equilibrium price of a commodity affected by decrease in the
number of firms? Explain the chain of effects.
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