Business Economics

Demand Function explain relationship between demand for Commodity and its___________.

• Determinants

• Elasticity

• Only Price

• Elements

"------------------ of demand is the proportional change of amount purchased in response to small change in price."

Determinants of Elasticity of Demand

• Nature of Commodity

• Substitute Goods

• Price of Commodity

• Use of Commodity

Market situation where there is single seller. There is no close substitute and no free entry and exist. is refer as

• Perfect Competition

• Monopoly

• Oligopoly

• Monopolistic Competition

Total Revenue =------------ x ---------- 

When the quantity demanded remains the same whatever be the change then Price elasticity is

• Perfectly Elastic

• Perfectly Inelastic

• Relatively Elastic

• Relatively Inelastic

In case of Negative Income Elasticity, demand curve is------

If two goods are complementary to each other, cross elasticity demand is said to be "-------------"

• Positive

• Neutral

• Negative

• Unitary

Demand Forecasting is also known as ________Forecasting

• Sales

• Production

• Quantity

Expert Opinion method is also known as

• Delphi Method

• Marshall Method

• Tausing Method