Question # 1

If demand does not change, then due to rise of supply

Choose an answer

Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

According to law of supply, supply curve moves from left to right upward, this tendency is called

Choose an answer

Positive

Negative

Horizontal

Vertical

The quantity of commodity which exists in warehouse (stock) of the seller is called

Choose an answer

Supply

Demand

Stock

All of these

When demand curve shifts leftward (or downward), it is called

Choose an answer

Rise of demand

Fall of demand

Extension of demand

Contraction of demand

If the ratio of change in demand is equal to the ratio of change in price, elasticity of demand will be

Choose an answer

More than unity

Less than unity

Equal to unity

Infinite

Increasing function of price is

Choose an answer

Demand

Supply

Utility

Cosnsumption

The goods which can be used in place of each other, are called

Choose an answer

Complimentary goods

Substitute goods

Alternative goods

Jointly demanded goods

According to law of supply which factor changes the supply

Choose an answer

cost of producton

price

climatic conditions

level of income

Slope of demand curve is

Choose an answer

Negative

Positive

zero

fixed

Some inferior goods having expensive substitutes are known as:

Choose an answer

Economic goods

Giffen goods

Non-economic goods

Free goods

A big change in demand and price is called:

Choose an answer

PointElasticity of demand

ArcElasticity of demand

CrossElasticity of demand

PriceElasticity of demand

Non elastic demand curve is

Choose an answer

positive

negative

vertical

horizontal

Unitary method is also known as:

Choose an answer

Total revenue

Total satisfaction

Total utility

Total expenditure

Who does determine the reserve price

Choose an answer

Buyer

Seller

Government

District adminitration

Price is determined under perfect competition

Choose an answer

By sellers

By buyers

By government

By forces of demand and supply

If supply rises more proportionately than that of demand, then

Choose an answer

Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

More Classes

Other Links

Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer