11th Principles of Economics MCQS Chapter 3

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11th Principles of Economics MCQS


If same amount of good is supplied at higher price, it is called
Expansion of supply
Rise in supply
Fall in supply
Contraction of supply

Quantity of a commodity offered for sale in a market at a certain price during a given period of time, is called
Stock
Quantity demanded
Supply
Demand

If demand and supply both rise in the same proportion, then
Equilibrium quantity decreases
Equilibrium price increases
Equilibrium price decreases
Equilibrium price does not change

Income elasticity of demand is concerned with
Income and demand for good
Price and income of the consumer
Income and consumption of wealth
Price and demand for good

Equilibrium means
stable position
the condition that is not possible
a condition that can change
an unstable condition

At equilibrium price, demand and supply
Decrease
Become equal
Increase
are different

That particular price below which price the seller is not ready to sell his commodity, is called
Reserve price
All the three
Market price
Normal price

If supply curve is horizontal (parallel to x-axis) then elasticity of supply is
Infinite
Equal to unity
Zero
More than unity

Quickly destroyable goods are called
Perishable goods
Inferior goods
Superior goods
Giffen godds

Exceptions, or limitations of law of demand have been stated by
Professor Benham
Professor Robbins
Professor Marshall
Professor Adam Smith

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