Demand and Supply Mcqs Test 07 Preparation Online

1. Which of the following statements is incorrect?

2. The consumer is in equilibrium at a point where the budget line?

3. The budget-line is also known as the?

4. The elasticity of substitution between two perfect substitutions is?

5. In the case of a Giffen good, the demand curve will be?

6. An indifference curve slopes down towards right since more of one commodity and less of another result in?

7. Which one is not a assumption of the theory of demand based on analysis of indifference curves?

8. If the demand for a commodity is inelastic, an increase in its price will cause the total expenditure of the consumers of the commodity to?

9. If regardless of changes in its price, the quantity demanded of a commodity remains unchanged, then the demand curve for the commodity will be?

10. The Revealed Preference Theory deduces the inverse price-quantity relationship from?