Question # 1

Formula method to measure elasticity of supply is related to

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Marshall

Robbins

R.G.D Allen

Flux

Due to rise in demand, demand curve shifts to

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Right

Left

Both sides

None of these

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

Desire + Purchasing power is equal to:

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Demand

Supply

Income

Utility

According to law of supply, supply curve moves from left to right upward, this tendency is called

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Positive

Negative

Horizontal

Vertical

Elasticity of supply is the name of

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Change in price

Change in income

Feature of change in supply

Change in price and income

In which direction demand and supply curves move

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Same

Opposite

parallel

Horizontal

Non elastic demand curve is

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positive

negative

vertical

horizontal

If due to a very slight decrease in price, demand goes on increasing, elasticity of demand will be

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More than unity

Less than unity

Infinite

Zero

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

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Inverse

Increasing

Negative

indirect

Id demand changes by less than 10% due to 10% change in price, then elasticity of demand is called

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Equal to unity

More than unity

Less than unity

Infinite

If demand did not influence by the charge in price, that is called:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

Quickly destroyable goods are called

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Superior goods

Inferior goods

Perishable goods

Giffen godds

In case of rise in demand, demand curve shifts:

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Right side

Downward

Upward

(a) and (c)

Quantity supplied of a commodity extends because

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Population changes

Change occurs in assumtions of law of supply

Income of the entrepreneur increases

Price of the commodity increases

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

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

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