11th Principles of Economics MCQS Chapter 3

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11th Principles of Economics MCQS
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Under certain conditions, slope of demand curve is

Demand for necessities of life is
Perfectly inelastic
More elastic
Perfectly elastic
Les elastic

Unity method to measure elasticity of demand was presented by
Adam smith

Degree of change in quantity supplied due to change in price is called
Elasticity of supply
Rise of supply
Extension of supply
None of three

Shape of market supply curve is
Horizontal or parallel to ox curve
Positively sloping
Negatively sloping
Vertical or parallel to oy curve

What functional relationship is present between demand and price
none of these

Kinds of supply according to period of time are

Cause of shifting of supply curve is
Change in income
Change in tax
Other factors
Change in price

Stock means the quantity of a commodity
Which is offered for sale in the market
Which is sold in the market
Total production is called stock
Which the seller keeps in his possession without selling

If demand does not change, then due to fall of supply
Equilibrium quantity increases
Equilibrium price decreases
Equilibrium price increases

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