Question
The equilibrium price of a commodity will definitely rise if there is a/an :
Answer: Option B
Answer: (b)
The price of a commodity is always determined by the forces of demand and supply in the market.
The price at which the amount demanded and the amount supplied are equal is known as ‘equilibrium price.’
The equilibrium price definitely increases when there is an increase in demand combined with a decrease in supply.
Was this answer helpful ?
Answer: (b)
The price of a commodity is always determined by the forces of demand and supply in the market.
The price at which the amount demanded and the amount supplied are equal is known as ‘equilibrium price.’
The equilibrium price definitely increases when there is an increase in demand combined with a decrease in supply.
Was this answer helpful ?
More Questions on This Topic :
Question 4. Liquidity Preference means
....
Question 5. Average propensity to consume is defined as
....
Question 6. What is needed for creating demand ?
....
Question 7. Internal economies
....
Latest Videos
Latest Test Papers
Submit Solution