Price of a product is determined in a free market:
A) By demand for the product
B) By supply of the product
C) By both demand and supply
D) By the government
Correct Answer:
Verified
Q1: If equilibrium price rises but equilibrium quantity
Q2: A decrease in demand causes the equilibrium
Q4: In market equilibrium, supply is vertical line.
Q5: Every factor of production gets reward equal
Q6: Under perfect competition, demand for a factor
Q7: We should employ units of a factor
Q8: If marginal product of labour rises because
Q9: Increasing the minimum wage for workers will:
A)Sole
Q10: The price of capital is
A)money
B)Interest
C)profits
D)wages
Q11: If MRP > Price of the factor:
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