Home

A shift in the demand for a product is likely to result from a change in:

A. The products price

B. Expectations

C. The prices of factors of production used to produced it

D. Production technology

Correct Answer : B.


Option(a) is wrong b/c a change in products price only changes quantity demanded, moving along the same demand curve .It does not shift the demand curve. Option (c) and (d) are also wrong b/c the prices of factors of production and production technology both can shift the supply curve and they can not shift the demand curve. Option (b) is right answer b/c change in expectations about the product may cause the demand curve to shift.}

Download Objective type questions of Basics of Economics PDF

Visit our PDF store

Get all objective type questions of Basics of Economics MCQ

Also checkout these categories

Electrostatics MCQ Time and Distance MCQ Time and Work MCQ Machine Input Mi-set 2 MCQ Construction Planning and Management MCQ Power Plant Engineering MCQ C Programming MCQ Magnetic Induction MCQ Electrical Circuits MCQ Decimal Fraction MCQ Boats and Streams MCQ Electricity Fundamentals MCQ

Please do not use chat terms. Example: avoid using "grt" instead of "great".

Submit
Load More..
You can do it
  1. Quantity demanded or supplied is measured in:
  2. External economies are witnessed in:
  3. The difference between laws of return and laws of return to scale is:
  4. Marginal revenue from a given output:
  5. The cobweb model will convergent when the slope of:
  6. The reaction curve of a firm is attained by joining the:
  7. Of the following, which one corresponds to fixed cost?
  8. One common definition of a luxury good is a good with income elasticity:
  9. Because the price elasticity of demand for OPEC oil is approximately .08, in order to increase revenues…
  10. Nash equilibrium says:
  11. Change in quantity demanded refers to:
  12. An inferior commodity is one whose quantity demand decreases when income of the consumer:
  13. We get constant returns to scale when:
  14. Income -elasticity of demand will be zero when a given change in income brings about:
  15. The Latin term citeris paribus means:
  16. If the increase in demand is more than the increase in supply, the price will:
  17. The cost that a firm incurs in purchasing or hiring any factor of production is referred to as:
  18. Which of the following is not a feature of isoproduct curves?
  19. Monopoly means:
  20. The number of firms in monopolistic competition normally range between:
  21. By increasing the price of its products above those of its competitors, a perfectly competitive seller:
  22. If the price of coffee increases, you would predict that:
  23. The largest possible loss that a firm will make in the short run is:
  24. Average cost means:
  25. When total revenue (TR) falls in monopoly then elasticity of demand is:
  26. In non-collusive oligopoly firms enter into:
  27. The real income of a consumer is income in terms of:
  28. The equilibrium of a firm is determined by the equality of MC and MR in only:
  29. In the long run average costs curve, a firm can change:
  30. Moving along the indifference curve leaves the consumer: