| 1 |
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called |
- A. Law of Supply
- B. Law of Demand
- C. Law of equilibrium
- D. None of these
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| 2 |
Elasticity of demand in case of minor change in price and quantity demand will be . |
- A. Income elasticity of demand
- B. Cross elasticity of demand
- C. Point elasticity of demand
- D. Arc elasticity of demand
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| 3 |
If elasticity of supply is greater than one. supply curve will be |
- A. horizontal
- B. vertical
- C. passing through origin
- D. touching y-axis
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| 4 |
Who present the Arc Elasticity formula for the measurement of elasticity of demand. |
- A. R.G.D Allen
- B. Pareto
- C. J.R. Hicks
- D. Robbins
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| 5 |
With a fall in the price of a Giffen good or inferior good its quantity demand will. |
- A. Fall
- B. Rise
- C. Remain unchanged
- D. None of three
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| 6 |
In case of perfectly elastic demand curve, the demand curve will be parallel to the : |
- A. Horizontal axis
- B. Vertical Axis
- C. None of the above
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| 7 |
The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be: |
- A. Equal to unity
- B. Lass than unity
- C. Greater than unity
- D. Equal to zero
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| 8 |
The composite demand for a product is generally: |
- A. Elastic
- B. Inelastic
- C. Equal to unity
- D. Equal to zero
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| 9 |
If the price of a product rises, quantity demand if its substitute will. |
- A. Fall
- B. Rise
- C. Remain unchanged
- D. Fluctuate
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| 10 |
With a fall in price quantity demand changes in such a way that total expenditure of the consumer remain constant, elasticity of demand will be. |
- A. Equal to unity
- B. Greater than unity
- C. Less than unity
- D. Equal to zero
|