| 1 |
Market demand curve is a summation of all individual demand curves as |
- A. Vertical
- B. horizontal
- C. mathematical
- D. local
|
| 2 |
The elasticity of demand of durable goods is |
- A. less than unity
- B. greater than unity
- C. equal to unity
- D. zero
|
| 3 |
<div>Which one can cause a change in demand</div> |
- A. change in income
- B. change in supply
- C. change in tastes
- D. a and c of above
|
| 4 |
Price elastic of demand measures |
- A. change in price caused by changes in demand
- B. the rate of change of sales
- C. the responsiveness of demand to price changes
- D. the value of sales at a given price
|
| 5 |
This is the assumption of law of demand |
- A. price of the commodity should not change
- B. Quantity demanded should not change
- C. Price of substitutes should not change
- D. Demand curve must be linear
|
| 6 |
Which one is not determinant of demand |
- A. tastes
- B. income
- C. method of production
- D. price
|
| 7 |
The demand of a commodity having many substitutes is |
- A. more elastic
- B. less elastic
- C. zero elastic
- D. infinite elastic
|
| 8 |
If demand is inelastic, a change in the price |
- A. will change the quantity in same direction
- B. will change total revenue in same direction
- C. will change total revenue in the opposite direction
- D. will not change quantity
|
| 9 |
The following are causes of shift in demand EXCEPT the one |
- A. change in income
- B. change in price
- C. change in fashion
- D. change in prices of substitutes
|
| 10 |
Which of the following is a demand function? |
- A. Q + 4P = 20
- B. Q = 35 + 3P
- C. Q - 2P - 15 =0
- D. 5P - Q = 4
|
