The elasticity of demand of durable goods is
Q. The elasticity of demand of durable goods is: Less than unity Greater than unity Equal to unity Zero Answer: Greater than unity
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Q. The elasticity of demand of durable goods is: Less than unity Greater than unity Equal to unity Zero Answer: Greater than unity
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Q. Which one is the assumption of law of demand? Price of the commodity should not change Quantity demanded should not change Prices of substitutes should not change Demand curve must be linear Answer: Prices of substitutes should not change
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Q. The following is the direct tax among: House tax Entertainment tax Service tax Value Added tax Answer: House tax
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Q. The cost of one thing in terms of the alternative given up is called: Real cost Production cost Physical cost opportunity cost Answer: opportunity cost
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Q. An individual demand curve slopes downward to the right because of the: Working of the law of diminishing marginal utility substitution effect of decrease in price income effect of fall in Price All of the above Answer: All of the above
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Q. If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to: Increase B Decrease Remain the same Become zero Answer: Increase
Q. Demand for a commodity refers to: Need for the commodity Desire for the commodity Amount of the commodity demanded at a particular price and at a particular time Quantity demanded of that commodity Answer: Amount of the commodity demanded at a particular price and at a particular time
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Q. Which of the following is a demand function? Q + 4P = 20 Q = 35 + 3P Q – 2P – 15 = 0 5P – Q = 4 Answer: Q + 4P = 20
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Q. If demand is unitary elastic, a 25% increases in price will result in: 25% change in total revenue No change in quantity demanded 1% decrease in quantity demanded 25% decrease in quantity demanded Answer: 25% decrease in quantity demanded
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Q. Other things equal, if a good has more substitutes, its price elasticity of demand is: Larger Smaller Zero Unity Answer: Larger
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