Fundamentals of Economics

Demand curve is a

• Table representation of quantity demanded and price

• graphical representation of quantity demanded and price

• Pictorial representation of quantity demanded and price

• The representation of quantity demanded and price

Demand Schedule is a

• Graphical representation of quantity demanded and price

• Numerical representation of quantity demanded and price

• Tabular representation of quantity demanded and price

• The representation of quantity demanded and price

Which of the following is not a determinants of demand?

• Price of the commodity

• Price of related goods

• Price of shares in the market

• Income of consumer

What is a demand function?

• Functional relationship between price and demand

• Functional relationship among different determinants of demand

• Functional relationship between quantity demanded and determinants of demand

• Functional relationship between demand and supply

The difference between change in quantity demanded and change is demand is can be explained with

• Price

• cost

• Production

• None

Law of demand can be best depicted as

• change in price and demand

• Inverse relationship between price and demand

• Inverse relationship between price and demand but other things remaining constant

• functional relationship in price and demand

Which of the following is not true about law of demand?

• It show price and demand quantitative relationship

• It show price and demand directional relationship

• There are certain assumptions of law of demand

• Law of demand is applicable in case of normal goods

Tick all the exceptions of law of demand

• Giffen goods

• Income of the consumer

• Future price change expectation

• Ignorance of the consumer

• Price of related goods

Tick the reasons for law of demand to operate

• Price of commodity

• Income effect

• Advertisement expenditure

• Substitution effect

• Large number of consumer

What is income effect?

• It is increase or decrease in purchasing power due to change in price

• It is increase or decrease in income

• It is the effect of income on price of a commodity

• None