Any allocation of resources by the society would result in the of a particular combination of different goods and services.

The price and quantity demanded are __________

Select the INCORRECT feature of the market with respect to perfect competition. 1. The market consists of a large number of buyers and sellers. 2. Entry into the market as well as exit from the market are free for firms. 3. Buyers are price makers. 4. There is perfect knowledge.

The allocation of scarce resources and the distribution of the final goods and services are the _____ of any economy. 1. States problems 2. Consumption problems 3. Central problems 4. Production problems

Match List-I with List-II | List-I | List-II | |---|---| | (A) Increase in price of goods X | (I) Increase in demand for normal goods. | | (B) Increase in income of consumers | (II) Demand is price inelastic | | (C) Good X is a necessary good | (III) Unit elasticity of demand. | | (D) Demand curve of Good X is a rectangular hyperbola | (IV) Contraction in demand for good X | Choose the correct answer from the options given below:

The point on the supply curve at which a firm earns only normal profit is called ...........