The demand for a commodity is always
At its cost
At its price
At its size
At its demand
If the proportion of total expenditure on a commodity in a budget is high, its demand is taken to be __________.
Elastic
Inelastic
Unit elastic
None of these
The basic unit of consumption in a market is
Individual household
All households
Society
Group
A rightward shift of supply curve indicates ________.
Expansion of supply
Contraction of supply
Increase in supply
The supply of a commodity values ___________.
Directly with its price
Inversly with its price
Disproportionatily with its price
Which of the following influence the amount of commodity supplied by a firm?
The state of technology
Preference of the consumer
Income of the consumer
Supply curve is ___________.
Negatively sloped
Having zero slope
Positively sloped
In a straight line demand curve sloping downward from left to right, what will be the elasticity of demand at the mid point of the curve?
Infinity
Unity
Zero
One
Downward movement along the supply curve shows _________.
Which of the following commodities has less elastic demand?
Salt
Coffee
Tea
Pen
