Test: Theory Of Demand And Supply- 2 - CA Foundation MCQ
30 Questions MCQ Test - Test: Theory Of Demand And Supply- 2
In the case of a Giffen good, the demand curve will be :
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Which of the following is a property of an indifference curve?
When economists speak of the utility of a certain good, they are referring to
A vertical supply curve parallel to Y axis implies that the elasticity of supply is :
An increase in the supply of a good is caused by :
Elasticity of supply refers to the degree of responsiveness of supply of a good to changes in its :
A horizontal supply curve parallel to the quantity axis implies that the elasticity of supply is :
The quantity purchased will remain constant irrespective of the change in income. This is known as
As income increases, the consumer will go in for superior goods and consequently the demand for inferior goods will fall. This means:
When income increases the money spent on necessaries of life may not increase in the same proportion, This means
The luxury goods like jewellery and fancy articles will have
The good which cannot be consumed more than once is known as
The quantity demanded of a good or service is the amount that
If, as people’s income increases, the quantity demanded of a good decreases, the good is called
The price of tomatoes increases and people buy tomato puree. You infer that tomato puree and tomatoes are
Chicken and fish are substitutes. If the price of chicken increases, the demand for fish will
Potato chips and popcorn are substitutes. A rise in the price of potato chips will ———— —— the demand for popcorn and the quantity of popcorn will ———————
Apple juice and orange juice are substitutes in consumption and apple juice and apple sauce are substitutes in production. If the price of orange juice———————— or the price of apple sauce ————————————, then the price of apple juice will ——— —————————
An increase in the demand for computers and an increase in the number of sellers of computers will
When total demand for a commodity whose price has fallen increases, it is due to:
With an increase in the price of diamond, its demand also increases. This is because it is a:
The goods that exhibit direct price-demand relationship are called:
In Economics when demand for a commodity increases with a fall in its price it is known as:
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