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An individual consumers demand is not determined by:

A. Price of the commodity

B. Price of the substitutes

C. His household income

D. Size of countrys population

Correct Answer : D.


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  1. Price effect occurs on the higher IC in case of:
  2. The non-price competition cartel is a:
  3. The arc elasticity is the measure of average elasticity at the mid-point of the chord and connects:
  4. In case of monopoly, the slope of MR is:
  5. The supply curve for the short-run competitive firm is the same as:
  6. If both demand and supply were to increase then:
  7. Dumping is international discriminating:
  8. At high prices, demand is likely to be:
  9. A normal profit is:
  10. The Hicksian demand curve includes:
  11. Marginal Utility (MU) curve is always:
  12. When the demand curve is rectangular hyperbola, it represents:
  13. From analysis, it is clear that both Marshal and Walras market models are:
  14. Cournot equilibrium is attained where two reaction curves:
  15. Which of the following does not have a uniform elasticity of demand at all points?
  16. A firm will be in equilibrium when the lowest isocost is:
  17. If the price of a product falls which of the following would occur?
  18. In long run, a firm can change:
  19. At a point below the middle of a straight line demand curve, elasticity of demand is:
  20. If production increases under increasing returns to scale, the cost will:
  21. In monopolistic competition, the firms face:
  22. In general, most of the production functions measure:
  23. The proportionality rule in production requires that the ratios of MP and factor prices are:
  24. The long run total cost is attained by:
  25. The number of sellers in duopoly is:
  26. Extension (expansion) of demand means:
  27. The price under perfect competition is settled by:
  28. Supply curves are most elastic:
  29. The difference between the average total cost and average variable cost as output increases will:
  30. If the price of Pepsi Cola goes down, you would predict: