| 1 |
In case of perfectly elastic demand curve, the demand curve will be parallel to the. |
- A. Horizontal Axis
- B. Vertical Axis
- C. None of the above
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| 2 |
In case of perfectly elastic demand curve, the demand curve will be parallel to the : |
- A. Horizontal axis
- B. Vertical Axis
- C. None of the above
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| 3 |
Elasticity of demand in case of minor change in price and quantity demand will be . |
- A. Income elasticity of demand
- B. Cross elasticity of demand
- C. Point elasticity of demand
- D. Arc elasticity of demand
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| 4 |
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to |
- A. rightward
- B. leftward
- C. downward
- D. no direction
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| 5 |
Supply of a commodity means |
- A. willingness to sell a certain quantity
- B. physical stocks available
- C. planned production
- D. total production in a given period
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| 6 |
It describes the law of supply |
- A. supply curve
- B. supply schedule
- C. supply equation
- D. all the three
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| 7 |
The composite demand for a product is generally: |
- A. Elastic
- B. Inelastic
- C. Equal to unity
- D. Equal to zero
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| 8 |
A schedule of the amount of a good that would be offered for sale at all possible prices, at any one instant of time or during any period of time are called |
- A. Supply
- B. Demand
- C. Stock
- D. None of these
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| 9 |
If elasticity of supply is greater than one. supply curve will be |
- A. horizontal
- B. vertical
- C. passing through origin
- D. touching y-axis
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| 10 |
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called |
- A. Law of Supply
- B. Law of Demand
- C. Law of equilibrium
- D. None of these
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