WorksheetsClass-11- Elasticity of Demand
Total questions: 10
Worksheet time: 5mins
When marginal utility reaches zero,
the total utility will be
Minimum
Maximum
Zero
Negative
Pick the odd one out
Agricultural goods
Necessaries
Comforts
Luxuries
The basis for the law of demand is
related to----
Law of diminishing marginal
utility
Law of supply
Law of equi-marginal utility.
Gossen’s Law.
The concept of consumer’s surplus is
associated with
Adam smith
Marshall
Robbins
Ricardo
Increase in demand is caused by
decline in population
Increase in interest rate
Higher subsidy
.Increase in tax
A consumer is in equilibrium when
marginal utilities from two goods are
Increasing
Equal
Maximum
Minimum
Cross Elasticity of Demand
Advertising Elasticity of Demand
Income Elasticity of Demand
PriceElasticity of Demand
The concept of elasticity of demand was introduced by
Marshall
Adam Smith
Keynes
Ferguson
Income elasticity of demand is degree of responsiveness of change in demand to
Change in income
Change in substitutes
Elasticity of demand
Change is price
_________ is the major determinant of demand.
Consumption
Price
Supply
All the above
