| 1 |
The elasticity f demand in case of substitute is called. |
- A. Income elasticity of demand
- B. Priceelasticity of demand
- C. Crosselasticity of demand
- D. None of the three
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| 2 |
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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| 3 |
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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| 4 |
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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| 5 |
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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| 6 |
Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of: |
- A. Product B will go up
- B. Product will fall
- C. Both the above will take place
- D. Nothing will take place
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| 7 |
The method to measure the elasticity of demand is : |
- A. Percentage method
- B. Total outlay approach
- C. Geometric approch
- D. All the three
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| 8 |
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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| 9 |
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
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| 10 |
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be. |
- A. Equal to unity
- B. Less than unity
- C. Greater than unity
- D. Equal to zero
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