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Match List-I with List-II:List–I (Characteristic)List–II (Implication)(A) Equilibrium(I) Plans of all the consumers and firms in the market match(B) E

Question

Match List-I with List-II:
List–I (Characteristic)
List–II (Implication)
(A) Equilibrium
(I) Plans of all the consumers and firms in the market match
(B) Excess supply
(II) Demand decreases with an increase in income
(C) Inferior good
(III) Supply is greater than market demand
(D) Price ceiling
(IV) Imposition of upper limit by government
Choose the correct answer from the options given below:

List–I (Characteristic)	List–II (Implication)
(A) Equilibrium	(I) Plans of all the consumers and firms in the market match
(B) Excess supply	(II) Demand decreases with an increase in income
(C) Inferior good	(III) Supply is greater than market demand
(D) Price ceiling	(IV) Imposition of upper limit by government

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (I), (B) - (III), (C) - (II), (D) - (IV)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Solution

Correct option is B

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