Question # 1

Which one is not condition of perfect competition

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Homogeneity of good

Difference in price of good

Large number of buyers and sellers

Perfect knowledge of market

When price decreases, supply

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Extends

Contracts

Becomes zero

Remains fixed

When price of a commodity decreases but its demand does not change, this situation is called

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Constant demand

Fall of demand

Rise of demand

Extension of demand

Regarding time element, the normal price has types

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One

Two

Three

Four

Quickly destroyable goods are called

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Superior goods

Inferior goods

Perishable goods

Giffen godds

Relationship between price and quantity demanded is called

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Demand schedule

Demand curve

Law of demand

Assumptions of law of demand

When demand increases due to change in other factors it is known as:

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Contraction in demand

Expansion and contraction in demand

Expansion in demand

Rise in demand

Supply means

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total money of a specific producer

Number of buyers

quantity of goods offered for sale at different prices

purchasing power of quantity supplied

The goods which are jointly demanded are called:

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Substitute goods

Complimentary goods

Alternative goods

None of these

Price and demand has a relationship:

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Negative

Positive

Functional

Both a & c

If demand and supply both rise in the same proportion, then

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Equilibrium price decreases

Equilibrium price does not change

Equilibrium price increases

Equilibrium quantity decreases

If supply does not change despite a change in price, then elasticity of supply is called

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Equal to unity

Less than unity

More than unity

Zero

When demand and supply rise equally then equilibrium price

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isles

is more

Remains the source

Zero

Demand for luxuries goods is:

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Perfectly elastic

Less elastic

Perfectly inelastic

More elastic

By increasing the cost of production, the supply

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Extends

contracts

Falls

Rises

Shape of market supply curve is

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Horizontal or parallel to ox curve

Vertical or parallel to oy curve

Positively sloping

Negatively sloping

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