Economics MCQS with Answers 1st Year
This is an assumption of law of demand
price of the commodity does not change
supply should not change
income of consumer should not change
quantity should not change
This is the assumption of law of demand
Quantity demanded should not change
Demand curve must be linear
Price of substitutes should not change
price of the commodity should not change
The demand of a good falls when.
Price of the substitute changes
its price rises
It price remain constant
Its price falls
If demand has unit price elasticity, a change in price causes
decrease in total revenue
indeterminate
increase in total revenue
no change in total revenue
The demand curve slopes downward from left to right because of:
Income effect
Substitution effect
All of the above
Entry of new buyers
Which one is not determinant of demand
price
tastes
method of production
income
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