11th Principles of Economics MCQS
Price of perishable goods is determined
In the short period
In the market period
In the long period
In the middle period
The demand curve slopes
upwards
downward to the right
vertical
Horizontal
If supply goes on increasing due to a slight increase in price, then elasticity of supply is called
More than unity
Infinite
Equal to unity
Zero
The quantity of commodity which exists in warehouse (stock) of the seller is called
Stock
Demand
All of these
If supply does not change, then due to fall of demand
Equilibrium price increases
Equilibrium quantity increases
Equilibrium price decreases
Equilibrium price does not change
According to law of supply, supply curve moves from left to right upward, this tendency is called
Positive
Horizontal
Negative
Vertical
When price of a commodity decreases but its demand does not change, this situation is called
Rise of demand
Constant demand
Fall of demand
Extension of demand
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