Free MCQ’s Quiz for Class 11 Economics Chapter 5 – Market Equilibrium Answers is prepared based on the latest CBSE Exam Pattern for the Academic Session. Students can solve NCERT based Class 11th Economics – ‘Market Equilibrium’ Multiple Choice Questions with Answers to know their preparation level on the Success Roar Classes website.

Here, we have provided Free MCQ’s Quiz on Class 11 Economics Chapter 5 – Market Equilibrium. Market Equilibrium is examined by combining consumer and firm behaviour through demand-supply research to determine where price equilibrium will be reached. It also involved that how demand and supply shifts affect equilibrium. 

To make you perfect in this topic – Market Equilibrium, we are here with a set of MCQs Quiz that will help you in brushing up the understanding of the concepts.

Free MCQ’s on Market Equilibrium.

Each set of MCQ’s consists of 10 Questions and you can see the results immediately after submitting the Set.

Free MCQ’s on Market Equilibrium

Results

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#1. Which one is the characteristic of market?

Presence of both Buyers and Sellers.

Presence of both Buyers and Sellers.

One Area

One Area

Single Price of the Commodity

Single Price of the Commodity

All the above

All the above

#2. What determines the Equilibrium Price?

Supply of Commodity

Supply of Commodity

Demand for Commodity

Demand for Commodity

Both (1) and (2)

Both (1) and (2)

None of the above

None of the above

#3. Price is determined by Demand and Supply. Who said this?

Jevons

Jevons

Marshall

Marshall

Walras

Walras

None of the above

None of the above

#4. Among the following, which one is the reason for the change in demand?

Change in Prices of Related Goods

Change in Prices of Related Goods

Change in Consumer’s Income

Change in Consumer’s Income

Population increase

Population increase

All the above

All the above

#5. A commodity's price is determined at the point where:

Supply exceeds

Supply exceeds

Demand exceeds

Demand exceeds

Demand equals supply

Demand equals supply

None of the above

None of the above

#6. Supply will be ___ in a very short period of time.

Perfectly elastic

Perfectly elastic

Perfectly Inelastic

Perfectly Inelastic

Elastic

Elastic

None of these

None of these

#7. Under ____, a seller cannot affect the market price.

Perfect Competition

Perfect Competition

Imperfect Competition

Imperfect Competition

Monopolistic Competition

Monopolistic Competition

Monopoly

Monopoly

#8. What is the cause of the change in demand?

Change in Consumer’s Income

Change in Consumer’s Income

Change in Prices of Related Goods

Change in Prices of Related Goods

Population increase

Population increase

All the above

All the above

#9. Which of the following is a component of factor price determination?

Rent

Rent

Interest

Interest

Wages

Wages

All the above

All the above

#10. Among the following, select the main feature of perfectly competitive market.

Uniform price

Uniform price

Homogeneous product

Homogeneous product

Large number of buyers and sellers

Large number of buyers and sellers

All the above

All the above

finish