Question # 1

Quantity of a commodity which the consumers are ready to purchase at a particular price, is called

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Demand

Supply

Stock

Demand and supply

If demand did not influence by the charge in price, that is called:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

In which direction demand and supply curves move

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Same

Opposite

parallel

Horizontal

Supply of goods depends on

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price

income

income and price

utility

Who did present unity method to measure elasticity of demand

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Adam Smith

Marshall

Robbins

keynes

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

In case of rise in demand, demand curve shifts:

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Right side

Downward

Upward

(a) and (c)

Slope of demand curve is

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Negative

Positive

zero

fixed

The supply curve of Fish is

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More elastic

Less elastic

Inelastic

Infinite elastic

Which one is not condition of perfect competition

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Homogeneity of good

Difference in price of good

Large number of buyers and sellers

Perfect knowledge of market

Relationship between price of a commodity and demand for it exists

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Positive

Inverse

Indirect

None of these

Supply of durable goods is

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Elastic

Perfectly elastic

Perfectly inelastic

Less elastic

If total expenditure of the consumer decreases 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

When demand and supply rise equally then equilibrium price

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isles

is more

Remains the source

Zero

If the demand for a commodity is less elastic, then an entrepreneur in order to increase his profit

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Will increase its price

Will decrease its price

Will not change its price

None of these

Price and demand has a relationship:

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Negative

Positive

Functional

Both a & c

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

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