Economics quiz

If the price on a product goes up the quantity demanded will go down. This follows the economic theory of:

• Law of Demand
• elasticity
• income effect
• None of the above

which of the following is not a determinant of demand elasticity?

• availability of substitutes
• share of consumer's budget spend on good
• duration of adjustment period
• government spending

The following is a factor that will not cause the demand curve to shift:

• Advertising
• Population
• Price
• Consumer expectations

This is the image of

• Demand Curve

• Supply Curve

• Production Curve

• None of the above

Average revenue is also called as ________of commodity