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Excess supply can be defined as

1. Complimentary goods

2. Tea and sugar

2. Substitute goods

3. Excess demand can be defined as

3. Quantity demanded equals quantity supplied

4. Equilibrium price is the price where the

4. Quantity supplied minus quantity demanded. 5. Quantity demanded greater than supplied 6. Quantity demanded minus quantity supplied

Features of stage of expansion in business cycle are :-

a) b )

Rise in national output Rise in consumer and capital expenditure Bank advances grow rapidly Contraction of credit

c) d ) Marks : 2 20.

Every seller and a buyer under pure competition :-

a)

Is Price taker Is Price maker Is Price organizer Does not take part in determination of price

b ) c) d )