MCQ - Law of Demand and Elasticity of Demand CA Foundation Notes | EduRev

Business Economics for CA Foundation

Created by: Aditi Mittal

CA Foundation : MCQ - Law of Demand and Elasticity of Demand CA Foundation Notes | EduRev

 Page 1


CPT Section C General Economics Chapter 2 Unit 1 
CA. Shweta Poojari  
Page 2


CPT Section C General Economics Chapter 2 Unit 1 
CA. Shweta Poojari  
MCQ’s 
Page 3


CPT Section C General Economics Chapter 2 Unit 1 
CA. Shweta Poojari  
MCQ’s 
A) Varies Directly with price 
B)Varies proportionately with price 
C)Varies Inversely with Price 
D) Is Independent of price 
Ans :  C 
Therefore, Qty demanded Varies Inversely with Price 
Page 4


CPT Section C General Economics Chapter 2 Unit 1 
CA. Shweta Poojari  
MCQ’s 
A) Varies Directly with price 
B)Varies proportionately with price 
C)Varies Inversely with Price 
D) Is Independent of price 
Ans :  C 
Therefore, Qty demanded Varies Inversely with Price 
A) Normal Goods 
B)Luxury Goods 
C)Inferior Goods 
D)Substitute goods 
Ans :  C 
Page 5


CPT Section C General Economics Chapter 2 Unit 1 
CA. Shweta Poojari  
MCQ’s 
A) Varies Directly with price 
B)Varies proportionately with price 
C)Varies Inversely with Price 
D) Is Independent of price 
Ans :  C 
Therefore, Qty demanded Varies Inversely with Price 
A) Normal Goods 
B)Luxury Goods 
C)Inferior Goods 
D)Substitute goods 
Ans :  C 
Therefore, When 
Income rises Demand 
for  inferior goods will 
decrease. 
Because  consumer will 
shift his surplus income 
in buying superior 
commodities rather than 
consume more of 
inferior goods. 
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