Match List-I with List-II
|
List-I |
List-II |
|
(A) Control Price |
(I) Set below the equilibrium price |
|
(B) Floor Price |
(II) Fixed by the government for the labourers |
|
(C) Minimum Wage Legislation |
(III) Set above the equilibrium price |
|
(D) Market Equilibrium |
(IV) when demand and supply curve intersect. |
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → (A)-(I), (B)-(III), (C)-(II), (D)-(IV)
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(A) Control Price refers to a government-imposed price ceiling, which is a maximum price set (I) below the equilibrium price to protect consumers.
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(B) Floor Price is a government-imposed minimum price, which is set (III) above the equilibrium price to protect producers.
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(C) Minimum Wage Legislation is a specific type of price floor in the labor market, which is (II) fixed by the government for the labourers.
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(D) Market Equilibrium is the state where the quantity demanded and quantity supplied are equal, which occurs (IV) when the demand and supply curves intersect.