Economics MCQS with Answers 1st Year Chapter 5

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Economics MCQS with Answers 1st Year

Elasticity of demand in case of minor change in price and quantity demand will be .
Cross elasticity of demand
Income elasticity of demand
Arc elasticity of demand
Point elasticity of demand

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
None of these
Law of equilibrium
Law of Supply
Law of Demand

It describes the law of supply
supply curve
supply equation
supply schedule
all the three

Which one of the following pairs represent complementary demand for a product.
Butter & Margarine
Shirt & shoes
Tea & coffe
Shirt & trouser

The method to measure the elasticity of demand is :
All the three
Total outlay approach
Percentage method
Geometric approch

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:
Product will fall
Product B will go up
Nothing will take place
Both the above will take place

If elasticity of supply is one, supply curve will be
passing through origin
touching x-axis

The method to measure the elasticity of demand by the unitary method was introduced by.
Alfred Marshall
Adam Smith

Long period supply curve is
relatively steeper
more elastic
a and c of above
relatively flatter

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