1 |
If supply is fixed then due to fall of demand |
- A. Equilibrium price decreases
- B. Equilibrium quantity increases
- C. Equilibrium price increases
- D. Equilibrium price does not change
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2 |
Increasing function of price is |
- A. Demand
- B. Supply
- C. Utility
- D. Cosnsumption
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3 |
When supply curve shifts leftwards or up, it is called |
- A. Rise of supply
- B. Fall of supply
- C. Extension of supply
- D. Contraction of supply
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4 |
A big change in demand and price is called: |
- A. PointElasticity of demand
- B. ArcElasticity of demand
- C. CrossElasticity of demand
- D. PriceElasticity of demand
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5 |
Who did present unity method to measure elasticity of demand |
- A. Adam Smith
- B. Marshall
- C. Robbins
- D. keynes
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6 |
Price of perishable goods is determined |
- A. In the market period
- B. In the short period
- C. In the middle period
- D. In the long period
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7 |
Elasticity of demand for substitute and jointly demanded goods is called |
- A. Income elasticity
- B. Arc elasticity
- C. Cross elasticity
- D. Point elasticity
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8 |
If percentage change in supply is less than the percentage change in price, then elasticity of supply is called |
- A. Equal to unity
- B. Less than unity
- C. More than unity
- D. Zero
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9 |
If demand for a commodity changes due to change in price of its substitute, it is called |
- A. Price elasticity
- B. Point elasticity
- C. Cross elasticity
- D. Arc elasticity
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10 |
If due to a very slight decrease in price, demand goes on increasing, elasticity of demand will be |
- A. More than unity
- B. Less than unity
- C. Infinite
- D. Zero
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