The inverse relationship between demand and price is called
Demand schedule
Supply schedule
Law of demand
Law of Supply
The sum of the demand schedules of all the consumers in the market gives the
Market demand for the commodity
Supply
Price
Expenditure
The individual demand for a product by one -single consumer is called
Market demand
Individual demand
Market
Match the following
a) Non-price determinants of demand - i) Price is decided by the state
b) Capitalistic Economic System - ii) Inverse relationship between quantity demand
c) Law of demand - iii) Income Level
d) Socialist Economic System - iv) Free Market Economy
(a-i, b-ii, c-iii, d-iv)
(a-iii, b-iv, c-ii, d-i)
(a-ii, b-i, c-iv, d-iii)
(a-iv, b-iii, c-i,d-ii)
Which one of the following is the determinants of demand?
Prices of factors of production
The state of technology
Changes in the excise tax rate
Income of the house hold
The demand curve would shift to the left if his income
Falls
Rises
Remains constant
Equal to price
The individual producer is only a
Price-Maker
Price- taker
Consumer
Buyer
The supply function represents the relationship between quantity supplied and
Price of the commodity
Demand
Cost
When applied to price an equilibrium price is one where supply must equal
Commodity
Which one of the following is a characteristics of market?
Market is not restricted to any geographical location.
Market should have limited area.
A wider market cannot bring changes in the supply.
Market should be restricted to one or two locations.
