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Theory Of Demand And Supply

20 Questions  I  By Sweetsalman123
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Theory Of Demand And Supply

  
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1.  An indifference curve slopes down towards right since more of one commodity and less of another result in :
A.
B.
C.
D.
2.  Supply is the
A.
B.
C.
D.
3.  Demand is the         
A.
B.
C.
D.
4.  When supply curve moves to the left it means
A.
B.
C.
D.
5.  The price of hot dogs increases by 22% and the quantity of hot dogs demanded falls by 25%. This indicates that demand for hot dogs is :
A.
B.
C.
D.
6.  Which one is not an assumption of the theory of demand based on analysis of indifference curves?
A.
B.
C.
D.
7.  The luxury goods like jewellery and fancy articles will have         
A.
B.
C.
D.
8.  An increase in the supply of a good is caused by :  
A.
B.
C.
D.
9.  A movement along the demand curve for soft drinks is best described as :
A.
B.
C.
D.
10.  In Economics when demand for a commodity increases with a fall in its price it is known as                                                                                                                                                                                     
A.
B.
C.
D.
11.  As income increases, the consumer will go in for superior goods and consequently the demand for inferior goods will fall. This means:  
A.
B.
C.
D.
12.  A discount store has a special offer on CDs. It reduces their price from Rs.150 to Rs. 100. Suppose the store manager observes that the quantity demanded increases from 700 CDs to 1,300 CDs. What is the price elasticity of demand for CDs?
A.
B.
C.
D.
13.  The aim of the consumer in allocating his income is to ____________________.             
A.
B.
C.
D.
14.  An increase in the demand for cameras and an increase in the number of sellers of cameras will
A.
B.
C.
D.
15.   The supply curve for perishable commodities is ___________.  
A.
B.
C.
D.
16.  The price elasticity of demand for hamburger is      
A.
B.
C.
D.
17.  In the case of an inferior good, income elasticity oi demand is :
A.
B.
C.
D.
18.  The price of tomatoes increases and people buy tomato puree. You infer that tomato puree and tomatoes are
A.
B.
C.
D.
19.  Which of the following is a property of an indifference curve?
A.
B.
C.
D.
20.  The law of demand is :
A.
B.
C.
D.
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