Question # 1

Who did present formula to measure Arc elasticity of demand

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Adam Smith

Marshall

Allen

Keynes

Some inferior goods having expensive substitutes are known as:

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Economic goods

Giffen goods

Non-economic goods

Free goods

Demand for necessities of life is

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Les elastic

More elastic

Perfectly elastic

Perfectly inelastic

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

Market equilibrium is determined when

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Demand = supply

Demand > supply

Demand < supply

Demand = zero

Desire + Purchasing power is equal to:

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Demand

Supply

Income

Utility

When the price of a commodity increases but its demand does not change, this situation is called

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Constant demand

Fall of demand

Rise of demand

Contraction of demand

The price at which quantity demanded and supplied are equal

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Equilibrium price

Reserve price

Fixed price

Variable price

The supply curve of Fish is

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More elastic

Less elastic

Inelastic

Infinite elastic

Due to fall in demand, curve shifts to

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Right

Left

Both sides

None of these

If there is big change in Price and demand, it is called

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Arc elasticity

Point elasticity

Income elasticity

Cross elasticity

Rise of supply can be shown with the help of

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A supply curve

More than one supply curves

Fixed supply curve

Vertical supply curve

Id demand changes by less than 10% due to 10% change in price, then elasticity of demand is called

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Equal to unity

More than unity

Less than unity

Infinite

Intersection of demand and supply curve is called

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Equilibrium of firm

Equilibrium of demand

Equilibrium of supply

Equilibrium point

Reserve price of a commodity is that price

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Which is more than the cost of production of the seller

At which the seller sells his commodity tn the market

Which is equal to the cost of production of the seller

Below which the seller is not ready to sell his commodity

Vertical supply curve means

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Same quantity supplied at differented price

Different quantities supplied at one price

Different quantities supplied at different prices

None of three

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

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