0% 0 votes, 0 avg DEMAND, SUPPLY AND MARKET EQUILIBRIUMAdvertisements 1 / 24 1. Demand contracts due to: A) Change in price of the commodity B) substitute C) Complement D) Substitute in production 2 / 24 2. If price of commodity increase: A) Demand will expand B) Demand will contract C) Demand become negative D) Demand will remain constant 3 / 24 3. Increase in price of substitute in production causes ________ in supply of other. A) Increase B) Decrease C) Same D) None 4 / 24 4. If supply of X decrease and supply of Y increase, then both are A) Complement in production B) Substitute in production C) Inferior good D) Giffen good 5 / 24 5. Good which demand increase due to increase in price is called: A) Normal good B) Superior good C) Inferior good D) Giffen good 6 / 24 6. At price ceiling: (Select 2 options) A) Increase in consumer surplus B) decrease in producer surplus C) Decrease in consumer surplus D) Increase in producer surplus 7 / 24 7. . If price increases, quantity demanded decreases because of income and substitution effect A) True B) False 8 / 24 8. People buy more of good X when the price of good Y rises. These goods are: A) normal goods B) complements C) substitutes D) inferior goods 9 / 24 9. Suppose the demand for good X rises when the price of good Y falls, these goods are: A) Substitutes B) complements C) complement in production D) substitute in production 10 / 24 10. Demand is the quantity of goods and services, which consumers are: A) Not able to buy at a given time B) able to buy at a given time C) willing to buy at a given time D) Willing and able to buy at a given time 11 / 24 11. Shift in supply curve to leftward would lead to: (SELECT TWO) A) Rise in prices B) fall in prices C) Fall in quantity D) Rise in quantity 12 / 24 12. X and Y are substitute in consumption. If price of X increase: A) Demand for X decrease B) Demand for Y decrease C) Demand for X increase D) Demand for Y increase 13 / 24 13. Demand curve in case of Giffen good is: A) Negatively sloped B) Vertical C) Positively sloped D) None of these 14 / 24 14. Demand for factors of production is known as: A) Individual demand B) Individual demand C) Derived demand D) Derived demand 15 / 24 15. Supply curve is also called as: A) Minimum supply price curve B) Maximum price curve C) Marginal benefit curve D) None 16 / 24 16. The horizontal sum of all the individual demand is: A) Market demand for private goods B) Market demand for public goods C) Market demand for Substitutes D) Market demand for complementary goods 17 / 24 17. Which one is not a precondition of law of supply? A) Oil prices B) Income of the consumer C) Wages D) None of the above 18 / 24 18. Due to increase in price of good A. The demand of good B decreases. These goods are: A) Substitute goods B) complementary goods C) Inferior goods D) Club goods 19 / 24 19. What effect occur in Giffen good graph due to change in income? A) Negative B) Positive C) None D) both positive and negative 20 / 24 20. . Movement in supply curve is caused by: A) Change in price of own product B) change in government expenditures C) Change in wage rate D) Change in interest rate 21 / 24 21. If decrease in supply of commodity X also decrease the supply of commodity Y. These goods are: A) Complement in production B) Substitute in production C) Independent D) Giffen goods 22 / 24 22. Demand curve is also called as: A) Marginal cost curve B) Marginal benefit curve C) Both a and b D) None of the above 23 / 24 23. Good which demand decrease due to increase in income is called: A) Normal good B) Superior good C) Inferior good D) Giffen good 24 / 24 24. Which of the following are held constant along the demand curve? (SELECT TWO) A) Income B) Price C) Consumer preference D) Quantity Your score isThe average score is 62% 0% Restart quiz Advertisements
