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

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

Regarding time element, the normal price has types

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One

Two

Three

Four

If two goods are substitute, cross Elasticity of demand will be:

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Zero

Infinite

Positive

Negative

The duty of a market is not to

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make exchange of goods

contact buyers and sellers

determine price

give maximum output

In order to satisfy some wants, more than one commodities are needed. Demand for such commodities is called

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Joint demand

Composite demand

Derived demand

Direct demand

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 price of a commodity constant but its supply increases or price decreases but supply remains constant, it is called

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Rise of supply

Fall of supply

Extension of supply

Contraction of supply

Measurement of arc elasticity of demand was present:

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Keynes

Marshall

Adam smith

R.G.D Allen

Second name of unitary method is

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Method of total satisfication

total expenditure method

total revenue method

Both 2nd and 3rd

Elasticity of demand for the commodities which have substitutes, is

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More elastic

Less elastic

Infinite

Zero

The cause of shifting of supply curve is

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Change in price

Other factors

change in serving

change in demand

If demand for a commodity changes due to change in price of its substitute, it is called

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Price elasticity

Point elasticity

Cross elasticity

Arc elasticity

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

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Equal to unity

More than unity

Less than unity

Zero

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

If supply rises more proportionately than that of demand, then

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

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