Determination of Prices and Quantity — Practice Quiz
NIOS · Class 10 · Economics
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Quick Quiz: Determination of Prices and Quantity
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What is the meaning of price in economics?
Which example correctly shows the price of full cream milk?
What is the main aim of a seller in normal market conditions?
What is profit?
Sample Questions
What does total revenue mean?
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Total money receipts of the producer from the sale of a given volume of output
Total revenue is the money received from sales.
What does total cost mean?
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Total expenditure incurred by a seller in production of output
Total cost is the expenditure on producing output.
Which factor is considered by a seller while fixing the market price of a commodity?
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Cost of production
Cost of production is one of the important factors in price fixing.
Which factor is also important for a seller when fixing price besides cost of production?
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Price fixed by other sellers
A seller considers the price fixed by other sellers of similar goods.
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