Question # 1

If the total expenditure of the consumer does not change due to increase or decrease (change) in price, then nature of elasticity of demand will be

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Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

If the percentage change in supply is more than the percentage change in price, then elasticity of supply is called

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Equal to unity

Less than unity

More than unity

Infinite

Slope of demand curve is

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Negative

Positive

zero

fixed

According to the law of supply, there is relation in price and supply

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Inverse

Increasing

Negative

indirect

According to law of supply which factor changes the supply

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cost of producton

price

climatic conditions

level of income

Quantity of a commodity which a person is ready to purchase at a particular price, is called

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Individual demand

Market demand

Supply

Market Supply

If demand curve is parallel to x-axis, then elasticity of demand is

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Infinite

Zero

Equal to unity

More than unity

Some inferior goods having expensive substitutes are known as:

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Economic goods

Giffen goods

Non-economic goods

Free goods

Market equilibrium is attained when there exists in the market

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Perfect competition

Imperfect competition

Monopoly

Large quantity of commodity comes in the market

Stock means the quantity of a commodity

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Which is offered for sale in the market

Which is sold in the market

Total production is called stock

Which the seller keeps in his possession without selling

Movement on the same demand curve is called:

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Increase is demand

Rise and fall in demand

Decrease in demand

Expansions and contraction in demand

What is meant by demand for a commodity in economics

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To desire for a commodity

To have power to buy

To have power to buy a commodity with desire

Quantity of a commodity

Demand for the commodities having different uses

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Less elastic

More elastic

Perfectly inelastic

Infinitely elastic

The demand curve slopes

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upwards

Horizontal

vertical

downward to the right

Intersection of demand and supply curve is called

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Equilibrium of firm

Equilibrium of demand

Equilibrium of supply

Equilibrium point

Supply curve moves from left to right upward, this tendency is called

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Negative

Positive

Horizontal

Vertical

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