Change in demand refers to:
Movement on the same demand curve
Upward shift of the demand curve
Downward shift of the demand curve
Upward or downward shift of the demand curve
Correct Answer :
D. Upward or downward shift of the demand curve
Change in demand of a commodity is always due to the factors other than price like change in taste of consumer, change in the price of substitute, change in weather, population , etc.)
Related Questions
One common definition of a luxury good is a good with income elasticity:
Greater than one
Equal to one
Less than one but more than zero
None of the above
By reducing the prices of its products below those of its competitors, a perfectly competitive seller:
Reduces its revenues
Increases its revenues
Can sell nothing
None of the above
If a monopolist is producing under decreasing cost conditions, increase in demand is beneficial to the society because:
Consumers get better quality goods
Cost of production falls and hence price will follow
Goods will be sold in many markets
None of the above
In a competitive market, price is determined primarily by:
Transportation costs
The interplay of demand and supply
Costs of production
The marginal product of labour
The main contribution of Malthus is in the field of:
Consumption expenditure
Theory of population
Division of labor
Theory of demand
In cournot model, firms sell:
Superior goods
Inferior goods
Identical goods
Differential goods
Ordinal approach includes arranging:
The different combinations of X and Y in any way the consumer wants
The different combinations of X and Y higher and lower and measuring the difference of utility between them
The different combinations of X and Y higher and lower and not measuring the difference of utility between them
None of above
Which of the following would be least likely to cause a consumer to eat less beef?
An increase in the price of beef
An increase in the price of lamb
A reduction in the consumers income
A reduction in the price of lamb
In case of monopoly, the price charged against the additional unit is:
Not different
Same
Not same
Zero
If the supply and demand increases equally, the price will:
Rise
Fall
Remain unchanged
Change depending on respective elasticities
The slope of budget line shows the price ratios of:
Many goods
Few goods
Two goods
Three goods
Law of Variable Proportions is regarding in:
Short-Run
Long-Run
Medium-Run
None of the above
Price elasticity of demand can be measured in the following way:
Percentage change in quantity demanded of a commodity divided by percentage change in price of that commodity
Change in quantity demanded of a commodity divided by change in price of that commodity
Percentage change in price of a commodity divided by percentage change in quantity demanded of that commodity
None of that commodity
Who first used the term Quasi-Rent?
David Ricardo
Alfred Marshal
J.S.Mill
Karl Marx
The marshallian demand curve includes:
Substitution Effect
Income Effect
Both substitution and income effect
None of them
As the price of diamond is higher, so it has:
Higher marginal valuation for consumer
Lower marginal cost for producer
Higher marginal cost for producer
Both (a) and (c)
Stable cobweb model is a:
Simple model
Dynamic model
Both of them
None of them
The demand curve in monopolistic competition (also in kinked demand curve model), which shows the share of a firm in market is called:
Relative demand curve
Proportional demand curve
Productive demand curve
Differential demand curve
At low prices, demand is likely to be:
More elastic
Less elastic
Unit elastic
Perfectly inelastic
Marginal utility (MU) always:
Increases
Decreases
Remains constant
None of above
If the commodities X and Y are perfect substitutes then:
>
None of the above
Who wrote Economics of Imperfect Competition?
E.H.Chamberlin
Joan Robinson
E.A.G.Robinson
J.M.Keynes
Economics is a:
Physical science
Social science
Natural science
Basic science
Because of selling costs, the demand curve of a firm shifts:
Downward
Upward
Horizontal
Straight line
The cost of production is faced by a:
Producer
Consumer
Seller
Firm
The partial equilibrium model keeps other things:
Variable
Constant
Increasing
Decreasing
Which of the following is not a feature of isoproduct curves?
Are downward sloping to the right
Show different input combination producing the same output
Intersect each other
Are convex to the origin
The firm producing at the minimum point of the AC curve is said to be:
Operating under diminishing cost
Making optimum use of plant capacity
Operating at excess capacity
Operating under increasing costs
In case of budget line, we get pairs of two goods where consumers income is:
Fully spent
Half spent
Partially spent
Correctly spent
Identify the author of The Social Framework:
R.G.D.Alien
J.R.Hicks
A.C.Pigou
None of the above