Economics-I

Law of demand states that:

• Price increases, demand increases

• Price decreases, demand decreases

• Price increases, demand decreases

• None

Demand schedule is:

• Relationship between price of product and quantity demanded

• Relationship between price of product and quantity supplied

• Relationship between price of susbtitute product and quantity demanded

• Relationship between price of complementary product and quantity demanded

Determinants for changes in demand are:

• Price of substitute goods

• price of complementary goods

• Population

• All of above

If the price of the goods changes, all other things remains the changes, the it is called:

• Shift in demand curve

• Increase in demand curve

• Movement along the demand curve

• None

Factors that bring change in supply are:

• Expected future prices

• Number of suppliers

• Technological changes

• All

An increase in the supply of restaurants serving fast-foods leads to

• Growth in the demand for fast foods meals

• Increase in the supply of fast-food meals

• Growth in the demand for susbtitutes

• None

When quantity demanded equates quantity supplied, then this is:

• Surplus

• Government is intervening in the market

• Equilibirum

• Shortage

if the price changes by 1% and supply changes by 2% then the supply is:

• Static

• Indeterminate

• Inelastic

• Elastic

Canned food and instant noodles are.................... type of foods

• Inferior

• Substitute

• Complimentary

• Normal

Oligopoly refers to

• Many sellers, few buyers

• Many sellers, many buyers

• Few Sellers, many buyers

• Few sellers, few buyers