Which one of the following is a commodity which is decided by the interaction of consumers and producers?
Demand
Supply
Price
Value
The inverse relationship between demand and price is called
Demand schedule
Supply schedule
Law of demand
Law of Supply
When price increases,demand increases and when price decreases demand increases is called
Direct Relation
Inverse Relation
Equal Relation
No Relation
The sum of the Demand Schedule of all the consumers in the market is known as
Aggregate Supply
Aggregate Consumption
Aggregate Demand
Aggregate Production
The supply function represents the relationship between quantity supplied and
Price of the commodity
Cost
Expenditure
Which one of the following is required for making a product which are not free goods?
Factors of Production
Money
Labour
Capital
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.
In Barter system
money was the medium of transaction
goods were exchanged for goods
the Banking system functioned systematically
the goods and services were exchanged in directly.
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 non-price determinants of demand includes tastes and preferences,income level and
Prices of the other products
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