| 1 |
Supply of goods depends on |
- A. price
- B. income
- C. income and price
- D. utility
|
| 2 |
Intersection of demand and supply curve is called |
- A. Equilibrium of firm
- B. Equilibrium of demand
- C. Equilibrium of supply
- D. Equilibrium point
|
| 3 |
Elasticity of demand for durable goods is |
- A. More elastic
- B. Less elastic
- C. Infinte
- D. Zero
|
| 4 |
With an increase in the price of any good its substitutes will have |
- A. a fall in its price
- B. an increase in its prices
- C. an increase in its demand
- D. a decrease in its price
|
| 5 |
Demand for a commodity means |
- A. Desire to purchase
- B. Power to purchase
- C. Price of commodity
- D. All the three
|
| 6 |
A slight change in demand and price is called: |
- A. Point Elasticity of demand
- B. ArcElasticity of demand
- C. CrossElasticity of demand
- D. PriceElasticity of demand
|
| 7 |
If the ratio of change in demand is less than the ratio of change in price, elasticity of demand will be |
- A. More than unity
- B. Less than unity
- C. Equal to unity
- D. Zero
|
| 8 |
Elasticity of supply is the name of |
- A. Change in price
- B. Change in income
- C. Feature of change in supply
- D. Change in price and income
|
| 9 |
When demand curve shifts rightward (or upward), it is called |
- A. Rise of demand
- B. Fall of demand
- C. Extension of demand
- D. Contraction of demand
|
| 10 |
Kinds of supply according to period of time are |
- A. Two
- B. Three
- C. Four
- D. Five
|
