| 1 |
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is |
10%
30%
3
1/3
|
| 2 |
Other things equal, if a good has more substitutes, its price elasticty of demand is |
larger
smaller
zero
unity
|
| 3 |
If quantity demanded is completely unresponsive to changes in price, demand is |
inelastic
unit elastic
elastic
perfectly inelastic
|
| 4 |
This is an assumption of law of demand |
price of the commodity does not change
quantity should not change
supply should not change
income of consumer should not change
|
| 5 |
Law of demand shows relation between |
income and price of commodity
price and quantity of a commodity
income and quantity demanded
quantity demanded and quantity supplied
|
| 6 |
Normally a demand curve will have the shape |
horizontal
vertical
downward sloping
upward sloping
|
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