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Theory Of Demand And Supply

20 Questions  I  By Sweetsalman123
Theory Of Demand And Supply

  
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1.  The consumer is in equilibrium when the following condition is satisfied : (a) «math xmlns=¨http://www.w3.org/1998/Math/MathML¨»«mfrac»«mrow»«mi»M«/mi»«msub»«mi»U«/mi»«mi»X«/mi»«/msub»«/mrow»«mrow»«mi»M«/mi»«msub»«mi»U«/mi»«mi»Y«/mi»«/msub»«/mrow»«/mfrac»«mo»§nbsp;«/mo»«mo»§gt;«/mo»«mfrac»«msub»«mi»P«/mi»«mi»X«/mi»«/msub»«msub»«mi»P«/mi»«mi»Y«/mi»«/msub»«/mfrac»«mo»§#183;«/mo»«/math» (b) «math xmlns=¨http://www.w3.org/1998/Math/MathML¨»«mtable columnalign=¨left¨ rowspacing=¨0¨»«mtr»«mtd/»«/mtr»«mtr»«mtd»«mfrac»«mrow»«mi»M«/mi»«msub»«mi»U«/mi»«mi»X«/mi»«/msub»«/mrow»«mrow»«mi»M«/mi»«msub»«mi»U«/mi»«mi»Y«/mi»«/msub»«/mrow»«/mfrac»«mo»§nbsp;«/mo»«mo»§lt;«/mo»«mfrac»«msub»«mi»P«/mi»«mi»X«/mi»«/msub»«msub»«mi»P«/mi»«mi»Y«/mi»«/msub»«/mfrac»«mo»§#183;«/mo»«/mtd»«/mtr»«/mtable»«/math» (c) «math xmlns=¨http://www.w3.org/1998/Math/MathML¨»«mfrac»«mrow»«mi»M«/mi»«msub»«mi»U«/mi»«mi»X«/mi»«/msub»«/mrow»«mrow»«mi»M«/mi»«msub»«mi»U«/mi»«mi»Y«/mi»«/msub»«/mrow»«/mfrac»«mo»§nbsp;«/mo»«mo»=«/mo»«mfrac»«msub»«mi»P«/mi»«mi»X«/mi»«/msub»«msub»«mi»P«/mi»«mi»Y«/mi»«/msub»«/mfrac»«/math» (d) None of the above.
A.
B.
C.
D.
2.   If the quantity supplied is exactly equal to the relative change in price then the elasticity of supply is
A.
B.
C.
D.
3.  The good which cannot be consumed more than once is known as                  
A.
B.
C.
D.
4.  When supply curve moves to the left it means
A.
B.
C.
D.
5.  In the book market, the supply of books will decrease if any of the following occurs except
A.
B.
C.
D.
6.  With a fall in the price of a commodity:
A.
B.
C.
D.
7.  The quantity purchased will remain constant irrespective of the change in income. This is known as
A.
B.
C.
D.
8.  If the supply of bottled water decreases, the equilibrium price ____________and the equilibrium quantity _________.
A.
B.
C.
D.
9.  Supply is the
A.
B.
C.
D.
10.  In the case of an inferior good, income elasticity oi demand is :
A.
B.
C.
D.
11.  Point elasticity is useful for which of the following situations?
A.
B.
C.
D.
12.  In a very short period the supply
A.
B.
C.
D.
13.  The quantity supplied of a good or service is the amount that       
A.
B.
C.
D.
14.  The elasticity of supply is defined as the
A.
B.
C.
D.
15.  Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity of a good demanded is smaller than the percentage fall in its price :
A.
B.
C.
D.
16.  Comforts lies between the        
A.
B.
C.
D.
17.  The aim of the consumer in allocating his income is to ____________________.             
A.
B.
C.
D.
18.  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.
19.  Elasticity of supply is measured by dividing the percentage change in quantity supplied of a good by 
A.
B.
C.
D.
20.  Which of the following is a property of an indifference curve?
A.
B.
C.
D.
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