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Question
From the following statements given in Column I and Column II, choose the correct pair of statements.
| Column I | Column II |
| A. Equilibrium price | 1. The price at which the quantity demanded of a commodity equals the quantity supplied |
| B. Floor price | 2. Maximum legal price of a commodity which the sellers can charge |
| C. Price ceiling | 3. Minimum price at which the sellers may sell a particular good or service |
Options
A - 1, B - 3, C - 2
A - 1, B - 2, C - 3
A - 2, B - 3, C - 1
MCQ
Match the Columns
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Solution
A - 1, B - 3, C - 2
Explanation:
| Column I | Column II |
| A. Equilibrium price | 1. The price at which the quantity demanded of a commodity equals the quantity supplied |
| B. Floor price | 3. Minimum price at which the sellers may sell a particular good or service |
| C. Price ceiling | 2. Maximum legal price of a commodity which the sellers can charge |
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