| 1 |
In May 2012, firm was supplying 1000 kg of sugar at market price of Rs. 60/- per kg. During June 2012, firm's supply of sugar had decreased to 900 kg at price Rs. 40/- per kg. These changes show that supply of sugar is |
- A. Perfectly elastic
- B. Perfectly inelastic
- C. Less elastic
- D. More elastic
|
| 2 |
Supply curve will shift when |
- A. price falls
- B. price rises
- C. demand shifts
- D. technology changes
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| 3 |
If elasticity of supply is one, supply curve will be |
- A. horizontal
- B. vertical
- C. passing through origin
- D. touching x-axis
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| 4 |
The method to measure the elasticity of demand by the unitary method was introduced by. |
- A. Alfred Marshall
- B. Robbins
- C. Adam Smith
- D. Malthus
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| 5 |
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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| 6 |
Which of the following shifts supply curve of cars to the right |
- A. tax on new cars
- B. increase in wages of workers
- C. decrease in steel price
- D. a successful promotion campaign by sellers
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| 7 |
The product which have close substitute their demand is always. |
- A. More elastic
- B. Perfectly elastic
- C. Perfectly inelastic
- D. Less elastic
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| 8 |
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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| 9 |
When a supply of a commodity increases without change in price it is called |
- A. fall in supply
- B. expansion in supply
- C. contraction in supply in
- D. rise in supply
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| 10 |
Supply curve |
- A. is vertical in long run
- B. is flatter in long run
- C. is same in long and short run
- D. is horizontal in both short and long run
|