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Bihar Board Class 12 (Commerce) Simple Applications of Tools of Demand and Supply — practice questions
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Practice Bihar Board Class 12 (Commerce) Simple Applications of Tools of Demand and Supply in the app →What is a government-set limit on how high a price may be charged called?Which price control sets the lowest price at which a good may be sold?A price floor is effective only when it is set at which level?A price floor set below the market price is described as what?A binding price floor above equilibrium leads to what in the market?Which of these is a common example of a price floor?A minimum wage set above the equilibrium wage makes employers do what?In the minimum wage example, what plays the role of the price?In a labour market, who are the suppliers of labour?Self-serve petrol pumps show how firms respond to costly labour by doing what?How does the Minimum Support Price in India treat farmers?Support prices helped India gain food security during which period?The EU buys products when price falls below its what?What did EU price floors in agriculture famously leave in warehouses?Canada's supply management policy covers which group of products?A price floor above equilibrium moves some consumer surplus to whom?A price floor above equilibrium creates which efficiency cost?When a floor raises the price, buyers may switch to what?What does resale price maintenance involve?Maximum resale price maintenance works like which price control?Minimum price per drink laws for alcohol are an example of what?Why do governments usually impose price ceilings?What do economists generally say about consumer price controls?What happened to rentable properties after 1940s US rent controls?Rent control is a system of laws for which market?A rent freeze that allows no increase at all is which type of rent control?Which rent control lets rents reach market levels between tenancies?Under vacancy control, what does a new tenant pay?What do most economists say rent control does to housing?How did landlords respond to wartime US rent controls?Which Swedish economist said rent control was the most efficient way to destroy a city?Paul Krugman writes that rent control does what to new housing construction?Where only some flats are rent controlled, rents of uncontrolled flats do what?Some economists say rent controls cause which welfare loss?Which policy can curb rent inflation instead of rent control?Tatian criticised rent stabilization because its benefits were targeted how?What is consumer surplus?Which engineer first propounded the concept of economic surplus?Consumer surplus lies between the demand curve and which line?Producer surplus lies below the equilibrium price and above which curve?With linear curves, consumer surplus has which shape?Which good generally gives a high consumer surplus?Who showed consumer surplus can measure social welfare for a single price change?How is aggregate consumers' surplus obtained?Why can a price ceiling sometimes raise prices?Isabella Weber argues price caps can help combat which problem?What do eviction controls in rent regulation set standards for?