11th Principles of Economics MCQS
If supply does not change despite a change in price, then elasticity of supply is called
Less than unity
Zero
Equal to unity
More than unity
The goods which are jointly demanded to satisfy a want, are called
inferior goods
Substitute goods
Complimentary goods
Alternative goods
When there is big change in demand and price of a commodity, it is called
Cross elasticity
Income elasticity
Point elasticity
Arc elasticity
With an increase in the price of any good its substitutes will have
an increase in its prices
an increase in its demand
a fall in its price
a decrease in its price
If demand and supply both fall in the same proportion
Equilibrium price increases
Equilibrium price decreases
Equilibrium quantity increases
Equilibrium price does not change
Second name of unitary method is
Both 2nd and 3rd
total revenue method
total expenditure method
Method of total satisfication
Quantity of a commodity which a person is ready to purchase at a particular price, is called
Supply
Market Supply
Market demand
Individual demand
Rise of supply can be shown with the help of
Vertical supply curve
Fixed supply curve
A supply curve
More than one supply curves
The price at which quantity demanded and supplied are equal
Equilibrium price
Fixed price
Reserve price
Variable price
Regarding time element, the normal price has types
One
Four
Two
Three
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