Price mechanism refers to interaction of
Supply and demand
Supply and price
Price and demand
Profit and demand
A small change in price leading to a proportionately larger change in supply is a situation of ___________.
Perfectly elastic supply
Less elastic supply
More elastic supply
None of these
If a demand curve is a straight line parallel to y-axis it shows
More elastic demand
Less elastic demand
Perfectly inelastic demand
Perfectly elastic demand
Supply curve is ___________.
Negatively sloped
Having zero slope
Positively sloped
Supply of a commodity is always ____________.
At its cost
At its price
At its size
Expansion of supply shows ___________.
More quantity at a lower price
More quantity at a higher price
Same quantity at the same price
A slight change in price causing on infinite change in demand is a situation of
Unit elastic demand
The demand for a commodity is always
At its demand
The indifference curve approach was introduced by
Prof .Samuelson
Prof : Hicks
Prof. Marshall
Prof Adam smith
Elasticity of supply ranges from ___________.
Zero to infinity
Zero to one
One to infinity
