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A good for which, ceteris paribus, an increase in income leads to an increase in demand (and vice versa)
- Substitutes Goods
- Inferior Goods
- Normal Goods
- Complementary Goods
- N/A
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Answer: C Explanation: -
A good for which, ceteris paribus, an increase in income leads to a decrease in demand (and vice versa)
- Substitutes Goods
- Inferior Goods
- Complementary Goods
- Economic Goods
- N/A
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Answer: B Explanation: -
The amount that sellers are willing and able to sell at different prices iis called:
- Quantity supply
- Supply
- Stock
- None of These
- N/A
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Answer: A Explanation: -
The sum of the supplies of all sellers.
- Indidiual Supply
- Market Supply
- Market Demand
- None of These
- N/A
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Answer: B Explanation: -
A change in any factor affecting supply, other than price, is referred to as a change in supply.
- Change in Supply
- Change in Quantity Supply
- change in demand
- change in quantity
- N/A
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Answer: A Explanation: -
A state of rest, a point where there is no force acting for change is called:
- Equilibrium
- Disequilibrium
- Equality
- None of These
- N/A
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Answer: A Explanation: -
A situation in which the quantity supplied is greater than the quantity demanded at the going market price in known as
- Shortage
- Surplus
- Stock
- None of These
- N/A
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Answer: B Explanation: -
A situation in which quantity demanded is greater than quantity supplied at the going market price
- Shortage
- Surplus
- Stock
- None of These
- N/A
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Answer: A Explanation: -
The comparison of one initial static equilibrium with another is called:
- Comparative statics
- Disequilibrium
- Market Equilibrium
- Variable cost
- N/A
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Answer: A Explanation: -
A measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants
- Slope
- Elasticity
- Derivative
- None of These
- N/A
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Answer: B Explanation: