Question # 1

In case of fall in demand, demand curve shifts:

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Left side

Right side

Downward

Both (a) and (c)

Regarding time element, the normal price has types

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One

Two

Three

Four

Supply curve moves from left to right upward, this tendency is called

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Negative

Positive

Horizontal

Vertical

Movement on the same demand curve is called:

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Increase is demand

Rise and fall in demand

Decrease in demand

Expansions and contraction in demand

The equilibrium of the market is that demand and supply to each other are

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opposite

positive

equal

negative

Market equilibrium is attained when there exists in the market

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Perfect competition

Imperfect competition

Monopoly

Large quantity of commodity comes in the market

The supply curve of Fish is

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More elastic

Less elastic

Inelastic

Infinite elastic

Supply of durable goods is

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Elastic

Perfectly elastic

Perfectly inelastic

Less elastic

Unity method to measure elasticity of demand was presented by

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Adam smith

Robbins

Marshall

Keynes

If demand curve is parallel to y-axis, then elasticity of demand is

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Equal to unity

More than unity

Less than unity

Zero

The rate of change in Qd due to change in price is called:

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Rise in demand

Income Elasticity of demand

Price Elasticity of demand

Cross Elasticity of demand

Elasticity of demand for luxuries is

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Equal to unity

More than unity

Less than unity

Zero

If quantity demanded for a commodity changes due to the change in income, it is called

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Price elasticity

Point elasticity

Cross elasticity

Income elasticity

With an increase in the price of any good its substitutes will have

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a fall in its price

an increase in its prices

an increase in its demand

a decrease in its price

According to the law of supply, there is relation in price and supply

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Inverse

Increasing

Negative

indirect

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

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