Economics Demand and Supply Mcqs Test 06 Preparation Online 0 Demand and Supply Mcqs Test 06 Preparation Online 1. The Law of Demand, assuming other things to remain constant, establishes the relationship between?A. Price of a commodity and the demand for its substituteB. Price of a commodity and the quantity demandedC. Quantity demanded of a commodity and the relative prices of its complementary goodsD. Income of the consumer and the quantity of a commodity demanded by him Loading... 2. Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in its price?A. Small than one B. Pqual to one C. Greater than one D. Zero Loading... 3. Which of the following pairs of commodities is an example of substitutes?A. Pen and ink B. Shirt and trousersC. Tea and sugar D. Tea and coffee Loading... 4. In the case of an inferior good, the income elasticity of demand is?A. Zero B. InfiniteC. Positive D. Negative Loading... 5. In respect of which of the following category of goods is consumer's surplus highest?A. Giffen goods B. Necessities C. Prestige goodsD. Luxuries Loading... 6. In the case of a straight-line demand curve meeting the two axes, the price-elasticity of demand at the mid-point of the line would be?A. 3B. 2C. 4D. 1 Loading... 7. Identify the factor which generally keeps the price-elasticity of demand for a commodity now?A. Variety of uses for that commodity B. Its low price C. Close substitutes for that commodity D. High proportion of the consumer's income spent on it Loading... 8. All but one of the following are assumed to remain the same while drawing an individual's demand curve for a commodity. Which one is it?A. The preferences of the individual B. His monetary income C. The price of the commodity under consideration D. The prices of other goods Loading... 9. Total utility is maximum when?A. Marginal utility is equal to average B. Average utility is maximumC. Marginal utility is at its highest point D. Marginal utility is zero Loading... 10. Contraction of demand is the result of?A. Increase in the prices of other goods B. Decrease in the number of consumers C. Decrease in the income of purchasersD. Increase in the price of the commodity concerned Loading... Loading... Related PostsDemand and Supply Mcqs Test 01 Preparation OnlineDemand and Supply Mcqs Test 02 Preparation OnlineDemand and Supply Mcqs Test 03 Preparation OnlineDemand and Supply Mcqs Test 04 Preparation OnlineDemand and Supply Mcqs Test 05 Preparation OnlineDemand and Supply Mcqs Test 07 Preparation OnlineDemand and Supply Mcqs Test 08 Preparation OnlineUpwork Top Freelancer Skills 2023 Make Money OnlinePhysics MCQs Online Test 02 for PreparationPhysics MCQs Online Test 01 for Preparation Continue Reading Previous Demand and Supply Mcqs Test 04 Preparation OnlineNext Demand and Supply Mcqs Test 07 Preparation Online More Stories Economics Economics Quiz 04 Preparation Online 0 Economics Economics Quiz 03 Preparation Online 0 Economics Economics Quiz 02 Preparation Online 0 Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Δ