When the price of the commodity falls,more of it will be demanded. It is called
Law of Supply
Law of Demand
Law of Consumption
Law of Price
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
Which one of the following schedule gives us the information about how much of the commodity the consumer would buy at the given price?
Demand Schedule
Supply Schedule
Consumption Schedule
Production Schedule
Which one of the following is a commodity which is decided by the interaction of consumers and producers?
Demand
Supply
Price
Value
The total demand for the product in the entire economy as a whole is called
Market Demand
Individual Demand
Macro Demand
Micro Demand
The supply function represents the relationship between quantity supplied and
Price of the commodity
Cost
Expenditure
The individual producer is only a
Price-Maker
Price- taker
Consumer
Buyer
When money became the common medium of exchange between goods and services is known as
Barter System
Price System
Non-Capitalistic economy
Market clearing price
The sum of the Demand Schedule of all the consumers in the market is known as
Aggregate Supply
Aggregate Consumption
Aggregate Demand
Aggregate Production
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.
