Demand and Supply Mcqs Test 01 Preparation Online

1. If demand is unitary elastic, a 25% increases in price will result in?

2. Law of demand shows relation between?

3. Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is?

4. This is an assumption of law of demand?

5. The following are causes of shift in demand EXCEPT the one?

6. When demand is perfectly inelastic, an increase in price will result in?

7. Normally a demand curve will have the shape?

8. Other things equal, if a good has more substitutes, its price elasticity of demand is?

9. If quantity demanded is completely unresponsive to changes in price, demand is?

10. If elasticity of demand is very low it shows that the commodity is?