Q. In a particular year, the farmers experienced dry weather. If all other factors remain the same, the supply curve of wheat for farmers will shift to the ________ direction. Downward Rightward Leftward None of the above Answer: Leftward
Q. If the elasticity of supply is greater than one, the supply curve would be _______. Touching y-axis Passing through the origin Vertical Horizontal Answer: Touching y-axis
If the elasticity of supply is greater than one, the supply curve would be Read More »
Q. Would an increase in demand for a product cause the supply curve to shift in any direction? No effect on supply Change in the slope of a supply curve The supply curve will move to the right The supply curve will move to the left Answer: No effect on supply
Q. In case the price of a product and the total revenue from that product move in the same direction, then the demand is ____________. Perfectly elastic Inelastic Elastic Unrelated Answer: Inelastic
Q. Which of the following is not a cause of the shift in demand for a product? Change in the price of substitutes Change in the income of a consumer Change in the price of a product None of the above Answer: Change in the price of a product
Which of the following is not a cause of the shift in demand for a product? Read More »
Q. When the elasticity of demand for a commodity is very low, it shows that the product ________. Has little importance in the total budget Is a luxury Is a necessity None of the above Answer: Is a necessity
When the elasticity of demand for a commodity is very low, it shows that the product Read More »
Q. When the price of a product falls by 10% and its demand rises by 30%, then the elasticity of demand is _________. 13 3 10 30 Answer: 3
Q. If the quantity demanded of a commodity is unresponsive to change in prices, then the demand of that commodity is ________. Perfectly inelastic Elastic Unit elastic Inelastic Answer: Perfectly inelastic
Q. Law of demand shows a relation between the ___________. Quantity demand and quantity supply of a commodity Income and quantity demand of a commodity Price and quantity of a commodity Income and price of a commodity Answer: Price and quantity of a commodity
Q. Zubair has a special taste for college canteen is hotdogs. The owner of the canteen doubles the prices of hotdogs. Zubair did not respond to the increase in prices and kept on demanding the same quantity of hotdogs. His demand for hotdogs is: Perfectly elastic Perfectly inelastic Elastic Less elastic Answer: Perfectly inelastic
