Question # 1

In case of fall in demand, demand curve shifts:

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Left side

Right side

Downward

Both (a) and (c)

Market price will be determined where

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Supply is more than demand

Demand is more than supply

Demand and supply are equal

Demand is less elastic and supply is more elastic

If the total expenditure of the consumer increases due to increase 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

Slope of demand curve of exceptions of law of demand is

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Negative

Positive

Zero

Fixed

The goods which are jointly demanded are called:

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Substitute goods

Complimentary goods

Alternative goods

None of these

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

The term demand in economics means:

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Desire

Purchasing

Need

Both (a) and (b)

Demand for the commodities whose use can be postponed is

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Less elastic

More elastic

Perfectly inelastic

infinitely elastic

If demand and supply both fall in the same proportion

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity increases

Some inferior goods having expensive substitutes are known as:

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Economic goods

Giffen goods

Non-economic goods

Free goods

Relationship between price of a commodity and demand for it exists

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Positive

Inverse

Indirect

None of these

Demand for the goods which have different uses, is

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More elastic

Less elastic

Infinity

Zero elastic

Regarding time element, the normal price has types

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One

Two

Three

Four

Flux method is also known as:

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Percentage method

Unitary method

Total expenditure method

All of them

The supply curve of Fish is

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More elastic

Less elastic

Inelastic

Infinite elastic

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

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