Question # 1

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

The price at which entrepreneur has a sufficient time to meet the demand, is called

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Market price

Normal price

Reserve price

Normal price

The demand curve slopes

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upwards

Horizontal

vertical

downward to the right

Quantity of a commodity offered for sale in a market at a certain price during a given period of time, is called

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Stock

Demand

Supply

Quantity demanded

Market price will be determined where

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Supply is more than demand

Demand is more than supply

Demand and supply are equal

Demand is less elastic and supply is more elastic

If supply does not change, then due to rise of demand

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

That particular price below which price the seller is not ready to sell his commodity, is called

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Market price

Normal price

Reserve price

All the three

If the ratio of change in demand is less than the ratio of change in price, elasticity of demand will be

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More than unity

Less than unity

Equal to unity

Zero

If supply of a commodity changes by less than 10% due to a 10% change in its price, then elasticity of supply will be

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Equal to unity

More than unity

Less than unity

Zero

Formula method to measure elasticity of supply is related to

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Marshall

Robbins

R.G.D Allen

Flux

Elasticity of demand for the commodities which have substitutes, is

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More elastic

Less elastic

Infinite

Zero

Demand for luxuries goods is:

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Perfectly elastic

Less elastic

Perfectly inelastic

More elastic

Price determined with the equilibrium of demand and supply on some day

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Short period price

Long period price

Market price

Normal price

Increasing function of price is

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Demand

Supply

Utility

Cosnsumption

Flux method is also known as:

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Percentage method

Unitary method

Total expenditure method

All of them

Which combination of the following is of joint demand

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Tea and coffee

Petrol and car

Meat and grocery

Inkpot and book

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Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers

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