Theory of Demand
| Description: Theory of Demand and supply 2 | |
| Number of Questions: 20 | |
| Created by: Ashok Pandey | |
| Tags: Theory of Demand and supply 2 Theory of Demand and Supply |
Which of the following is incorrect?
If goods X and Y are substitutes, then
What is the new quantity demanded when price elasticity is 1 and price changes from Rs. 15 and Rs. 10 and the original quantity demanded was 10 units?
If consumers always spend 15% of their income on food, then the income elasticity of demand for food is
The price elasticity of demand for burger is
The maximum amount of goods - X the consumer can buy (by using the budget line) where M is his money income is given by
If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to
The price of hot dogs increases by 22% and the quantity of hot dogs demanded falls by 25%. This indicates that demand for hot dogs is
Utility may be defined as
If a buyer's willingness to pay for a new car is Rs. 200,000 and she is able to actually buy it for Rs. 180,000, her consumer surplus is
Utility may be defined as
Economic analysis expects the consumer to behave in a manner which is
For perfectly inelastic supply curve, elasticity value is
Which of the following is a property of an indifference curve?
The factors affecting elasticity of supply are
A horizontal supply curve parallel to the quantity axis implies that the elasticity of supply is
If a fisherman must sell all of his daily catch before it spoils for whatever price he is offered, once the fish are caught the fisherman's price elasticity of supply for fresh fish is
Which of the following is not a determinant of supply?
Which of the following affects the elasticity of supply?
Increase or decrease in supply means