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Asked: 2022-03-29T05:30:46+00:00 In:

Among them what is correct statement?

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100%(i) Excess supply of a commodity existes when market price > equilibrium price ( 7 voters )
0%(ii)An increase in price of shoes will lead to rise in equilibrium price of pair of socks.
0%(iii) If increase in Demand > increase in supply, equilibrium price will fall .
0%(iv) If decrease in demand < decrease in supply, equilibrium price will fall.
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This is question is among one the difficult questions I found in practice question section. While preparing from NCERT solutions for class 12 economics. But I didn’t know the answer. And it was not given in the solutions too.

class 12 economicsmacro economics class 12
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    1 Answer

    1. This is easy answer. (i) Excess supply of a commodity existes when market price > equilibrium price

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