Question # 1

Demand for Giffen goods is:

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Negative

Vertical

Positive

All of them

The cause of shifting of supply curve is

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Change in price

Other factors

change in serving

change in demand

Quantity of a commodity which a person is ready to purchase at a particular price, is called

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Individual demand

Market demand

Supply

Market Supply

When supply curve shifts rightward or down it is called

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Rise of supply

Fall of supply

Extension of supply

Contraction of supply

What functional relationship is present between demand and price

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positive

inverse

increasing

none of these

In which direction demand and supply curves move

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Same

Opposite

parallel

Horizontal

Quickly destroyable goods are called

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Superior goods

Inferior goods

Perishable goods

Giffen godds

Due to rise in demand, demand curve shifts to

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Right

Left

Both sides

None of these

Usually market price is ____________ normal price

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Equal to

Less than

More than

None of these

If the total expenditure of the consumer decreases due to decrease in price, then nature of elasticity of demand will be

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Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

If demand rises more proportionately than that of supply, then

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

The goods on which law of demand does not apply, are called

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Services

Goods and services

Giffin goods

Capital goods

Rise of supply can be shown with the help of

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A supply curve

More than one supply curves

Fixed supply curve

Vertical supply curve

In case of perfectly elastic supply or infinite elasticity of supply, supply curve is

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Horizontal (parallel to x-axis)

Vertical (parallel to y-axis)

Positive sloped

Negative sloped

When supply changes due to other factors besides price, it is called

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Rise of supply

Fall of supply

Rise and fall of supply

Extension and contraction of supply

Non elastic demand curve is

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positive

negative

vertical

horizontal

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