MAHA TET · Social Studies (Paper II)
Market types and law of supply and demand.
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Q1 · Market and Supply-Demand · EASY
In a market, when the price of a commodity falls, what happens to the quantity demanded by consumers?
Q2 · Market and Supply-Demand · MEDIUM
Which type of market structure is characterized by a large number of buyers and sellers dealing in homogeneous products with no single buyer or seller able to influence the market price?
Q3 · Market and Supply-Demand · MEDIUM
A vegetable vendor notices that when he increases the price of tomatoes from Rs 20 per kg to Rs 30 per kg, he is able to bring more tomatoes to the market for sale. This situation best illustrates which economic principle?
Q4 · Market and Supply-Demand · HARD
In a particular market, the equilibrium price of wheat is Rs 25 per kg. Due to drought, the supply of wheat decreases significantly while demand remains unchanged. Assuming the market adjusts to a new equilibrium, what will most likely happen?