| 1 |
Market price will be determined where |
- A. Supply is more than demand
- B. Demand is more than supply
- C. Demand and supply are equal
- D. Demand is less elastic and supply is more elastic
|
| 2 |
If the demand for a commodity is more elastic, then an entrepreneur in order to increase his profit |
- A. Will increase its price
- B. Will decrease its price
- C. Will not change its price
- D. None of these
|
| 3 |
The price at which quantity demanded and supplied are equal |
- A. Equilibrium price
- B. Reserve price
- C. Fixed price
- D. Variable price
|
| 4 |
Quantity of a commodity offered for sale in a market at a certain price during a given period of time, is called |
- A. Stock
- B. Demand
- C. Supply
- D. Quantity demanded
|
| 5 |
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
|
| 6 |
Elasticity of demand for durable goods is |
- A. More elastic
- B. Less elastic
- C. Infinte
- D. Zero
|
| 7 |
If supply of a commodity changes by less than 10% due to a 10% change in its price, then elasticity of supply will be |
- A. Equal to unity
- B. More than unity
- C. Less than unity
- D. Zero
|
| 8 |
That particular price below which price the seller is not ready to sell his commodity, is called |
- A. Market price
- B. Normal price
- C. Reserve price
- D. All the three
|
| 9 |
A big change in demand and price is called: |
- A. PointElasticity of demand
- B. ArcElasticity of demand
- C. CrossElasticity of demand
- D. PriceElasticity of demand
|
| 10 |
If demand decreases by 10% due to 10% increase in Price, then elasticity of demand is |
- A. Equal to unity
- B. More than unity
- C. Less than unity
- D. Zero
|
