Question # 1

Elasticity of supply is the name of

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Change in price

Change in income

Feature of change in supply

Change in price and income

The equilibrium of the market is that demand and supply to each other are

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opposite

positive

equal

negative

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

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Rise of demand

Fall of demand

Extension of demand

Contraction of demand

When demand and supply rise equally then equilibrium price

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isles

is more

Remains the source

Zero

If price of a commodity remains constant but its supply decreases or price increases but supply remains constant, it is called

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Rise of supply

Extension of supply

Fall of supply

Contraction of supply

If 50% change in demand in response of 30% change in price then:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

When price decreases, supply

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Extends

Contracts

Becomes zero

Remains fixed

Demand for a commodity means

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Desire to purchase

Power to purchase

Price of commodity

All the three

If supply does not change despite a change in price, then elasticity of supply is called

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Equal to unity

Less than unity

More than unity

Zero

Formula method to measure elasticity of supply is related to

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Marshall

Robbins

R.G.D Allen

Flux

Measurement of arc elasticity of demand was present:

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Keynes

Marshall

Adam smith

R.G.D Allen

Income elasticity of demand is concerned with

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Income and consumption of wealth

Income and demand for good

Price and income of the consumer

Price and demand for good

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

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Supply

Demand

Stock

All of these

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

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Positive

Negative

Horizontal

Vertical

Unitary method for Elasticity of demand was presented by:

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Marshall

Keynes

Robbins

Adam smith

Cause of movement along the supply curve is

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Change in price

Other factors

Change in tax

Change in income

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

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