Question # 1

The quantity of commodity which exists in warehouse (stock) of the seller is called

Choose an answer

Supply

Demand

Stock

All of these

Under certain conditions, slope of demand curve is

Choose an answer

Negative

Positive

Zero

Fixed

By increasing the cost of production, the supply

Choose an answer

Extends

contracts

Falls

Rises

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

Choose an answer

Market price

Normal price

Reserve price

All the three

A slight change in demand and price is called:

Choose an answer

Point Elasticity of demand

ArcElasticity of demand

CrossElasticity of demand

PriceElasticity of demand

When there is a very small change in demand and price of a commodity, it is called

Choose an answer

Point elasticity

Arc elasticity

Cross elasticity

Income elasticity

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

Choose an answer

Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

Supply of goods depends upon

Choose an answer

Price

Income

Price and income

Utility

Unity method to measure elasticity of demand was presented by

Choose an answer

Adam smith

Robbins

Marshall

Keynes

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

Choose an answer

Equilibrium price decreases

Equilibrium price increases

Equilibrium price does not change

Equilibrium quantity increases

If demand decreases by 15% due to 10% increase in Price, then elasticity of demand is

Choose an answer

Equal to unity

More than unity

Less than unity

Zero

If elasticity of supply is equal to unity then extending supply curve downward, it passes through or crosses

Choose an answer

y-axis

x-axis

Point of origin

Becomes vertical

If demand decreases by 10% due to 10% increase in Price, then elasticity of demand is

Choose an answer

Equal to unity

More than unity

Less than unity

Zero

According to law of demand, curve moves from left to right downward. This type of tendency is called

Choose an answer

Positive tendency

Negative tendency

Extension and contraction of demand

Rise and fall of demand

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

Choose an answer

Short period price

Long period price

Market price

Normal price

Unitary method for Elasticity of demand was presented by:

Choose an answer

Marshall

Keynes

Robbins

Adam smith

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer