BE MCQ/ T or F

1The Law of Demand refers to - (a only / a & b only / b only / c and d only). he Law of Demand refers to - (a only / a & b only / b only / c and d only)

• When the price is higher; Demand is higher

• When the price is lower; Demand is lower

• When the price is higher; Demand is lower

  When the price is lower; Demand is higher

• When the price is lower; Demand is higher

2 Price and Demand are not related when it comes to demand. Price and Demand are not related when it comes to demand

• True
• False

3 Price and Demand are positively related when it comes to demand. Price and Demand are positively related when it comes to demand

• True
• False

4 Price and Demand are inversely related when it comes to demand. Price and Demand are inversely related when it comes to demand

• True
• Fasle

5 Price and Demand are not inversely related when it comes to Gif-fen. Price and Demand are not inversely related when it comes to Gif-fen GOODS

• False

• True

6:Price and Demand are not inversely related when it comes to Conspicuous. Consumption.

• True

• False

7: The law of demand applies when it comes to purchasing products during. war and natural calamities

• True

• False

8:The Law of Supply refers to - (a only / a & b only / b only / c and d only). The Law of Supply refers to - (a only / a & b only / b only / c and d only)

• When the price is higher; supply is higher
• When the price is lower; supply is lower
• When the price is higher; Supply is lower
• When the price is lower; Supply is higher

9:The point where the market forces (demand and supply) meet each other is called elasticity.

• False

• True

10:The point where the market forces (demand and supply) meet each other is called Market Equilibrium.

• False

• True