(A) Horizontal summation of the individual demand curve for the commodity;
(B) Summation of individual demand curve for 3 years;
(C) Demand curve of complementary goods
(D) Demand curve of supplementary goods
Tag: Economics Mcqs With Answers
The quantity of a commodity which an individual is willing to purchase over a specific period of time is a function of?
(A) Price of the product
(B) Disposal income
(C) Taste and price of other commodities
(D) All the three
Decrease in Demand is also known as?
(A) Expansion in demand
(B) Compression in demand
(C) Extension in demand;
(D) Extraction in demand
Which of these are exception to law of Demand?
(A) Giffen effect/goods
(B) Future change in prices
(C) Change in fashion
(D) All the three
Traditional approach to law of Demand was propounded by?
(A) Giffen
(B) A Samulson
(C) Alfred Marshall
(D) Pique
If price of sugar increase, the demand for tea will__?
(A) Fall
(B) Increase
(C) Not affected
(D) No relation
Goods or services that are not necessary for living are?
(A) Needs
(B) Desires
(C) Wants
(D) Essentials
The quantity that an individual supplier is prepared to supply over a period of time is a function of?
(A) Price of the product
(B) Cost of production of the product
(C) Both
(D) None