Theory Of Demand And Supply

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 Theory Of Demand And Supply

  
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1.  An increase in the number of sellers of bikes will increase the
A.
B.
C.
D.
2.  The Law of Demand, assuming other things to remain constant, establishes the relationship between :
A.
B.
C.
D.
3.  The quantity demanded of a good or service is the amount that
A.
B.
C.
D.
4.  The supply curve shifts to the right because of ____________.        
A.
B.
C.
D.
5.  When total demand for a commodity whose price has fallen increases, it is due to:  
A.
B.
C.
D.
6.  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.
7.  The consumer is in equilibrium when the following condition is satisfied : (a)  (b)  (c)  (d) None of the above.
A.
B.
C.
D.
8.  Elasticity of supply is greater than one when
A.
B.
C.
D.
9.  Elasticity of supply refers to the degree of responsiveness of supply of a good to changes in its :
A.
B.
C.
D.
10.  If, as people's income increases, the quantity demanded of a good decreases, the good is called        
A.
B.
C.
D.
11.  A relative price is      
A.
B.
C.
D.
12.  If price of computers increases by 10% and supply increases by 25%. The elasticity of supply is :
A.
B.
C.
D.
13.  Demand for a good will tend to be more inelastic if it exhibits which of the following characteristics?
A.
B.
C.
D.
14.  All of the following are determinants of demand except:
A.
B.
C.
D.
15.  The law of demand is :
A.
B.
C.
D.
16.  The good which cannot be consumed more than once is known as                  
A.
B.
C.
D.
17.  Suppose a department store has a sale on its silverware. If the price of a plate-setting is reduced from Rs. 300 to Rs. 200 and the quantity demanded increases from 3,000 plate- settings to 5,000 plate-settings, what is the price elasticity of demand for silverware?
A.
B.
C.
D.
18.  If regardless of changes in its price, the quantity demanded of a good remains unchanged, then the demand curve for the good will be :
A.
B.
C.
D.
19.  Demand for a commodity refers to :
A.
B.
C.
D.
20.  Supply is the
A.
B.
C.
D.
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