Theory Of Demand And Supply

20 Questions  I  By Sweetsalman123
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1.  Chicken and fish are substitutes. If the price of chicken increases, the demand for fish will          
A.
B.
C.
D.
2.  If price of air-cordifioner increases from Rs. 30,000 to Rs. 30,010 and resultant change in demand is negligible we use the measure of__________to measure elasticity.            
A.
B.
C.
D.
3.  If good growing conditions increases the supply of strawberries and hot weather increases the demand for strawberries, the quantity of strawberries bought       .
A.
B.
C.
D.
4.  A decrease in price will result in an increase in total revenue if :
A.
B.
C.
D.
5.  Demand for a good will tend to be more inelastic if it exhibits which of the following characteristics?
A.
B.
C.
D.
6.  The goods that exhibit direct price-demand relationship are called:                                                                                 
A.
B.
C.
D.
7.  Elasticity of supply is greater than one when
A.
B.
C.
D.
8.  If the supply of bottled water decreases, the equilibrium price ____________and the equilibrium quantity _________.
A.
B.
C.
D.
9.  Given the following four possibilities, which one results in an increase in total consumer expenditures?
A.
B.
C.
D.
10.  A horizontal supply curve parallel to the quantity axis implies that the elasticity of supply is :
A.
B.
C.
D.
11.  The price elasticity of demand for hamburger is      
A.
B.
C.
D.
12.  The Law of Demand, assuming other things to remain constant, establishes the relationship between :
A.
B.
C.
D.
13.  If the local pizzeria raises the price of a medium pizza from Rs.60 to Rs. 100 and quantity ] demanded falls from 700 pizzas a night to 100 pizzas a night, the price elasticity of demand
A.
B.
C.
D.
14.  Supply is the
A.
B.
C.
D.
15.   The supply curve for perishable commodities is ___________.  
A.
B.
C.
D.
16.  When supply curve moves to the left it means
A.
B.
C.
D.
17.  When supply curve moves to right it means    
A.
B.
C.
D.
18.  Suppose the price of movies seen at a theater rises from Rs. 120 per person to Rs. 200 per person. The theater manager observes that the rise in price causes attendance at a given movie to fall from 300 persons to 200 persons. What is the price elasticity of demand for movies?
A.
B.
C.
D.
19.  An increase in the demand for cameras and an increase in the number of sellers of cameras will
A.
B.
C.
D.
20.  Which of the following statements is correct?                                                              
A.
B.
C.
D.
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