Supply curve will shift when
Q. Supply curve will shift when: A. Price falls B. Price rises C. Demand shifts D. Technology change Answer: Technology change
September 2022
What does price elasticity of demand measure?
Q. What does price elasticity of demand measure? A. Change in price caused by changes in demand B. The rate of change of sales C. The responsiveness of demand to price changes D. The value of sales of a given price Answer: The responsiveness of demand to price changes
It describes the law of supply
Q. It describes the law of supply: A. Supply curve B. Supply schedule C. Supply equation D. All the three Answer: All the three
Which one is increasing function of price
Q. Which one is increasing function of price: A. Demand B. Utility C. Supply D. Consumption Answer: Supply
If price and total revenue move in the same direction, then demand is
Q. If price and total revenue move in the same direction, then demand is: A. Inelastic B. Elastic C. Unrelated D. Perfectly elastic Answer: Inelastic
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Demand is a function of
Q. Demand is a function of: A. Price B. Quantity C. Supply D. None of these Answer: Price
Income elasticity of demand for normal good is always
Q. Income elasticity of demand for normal good is always: A. 1 B. More than one C. Negative D. Positive Answer: Positive
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When price elasticity of demand for normal goods is calculated, the value is always
Q. When price elasticity of demand for normal goods is calculated, the value is always: A. Positive B. Negative C. Constant D. Greater than one Answer: Negative
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This is an assumption of law of demand
Q. This is an assumption of law of demand: Price of the commodity should not change Quantity should not change Supply should not change Income of consumer should not change Answer: Income of consumer should not change
When the quantity demanded of a goods is equal to the quantity supplied of that goods, then
Q. When the quantity demanded of a goods is equal to the quantity supplied of that goods, then ___________. There is a surplus The government is intervening in the market There is a shortage None of the above Answer: None of the above