A complement is a good
Of lower quality than another
Used in conjunction with another good
Used instead of another good
Of higher quality than another
Increase in the demand for wages due to industrial development is an example of
Income demand
Cross demand
Derived demand
Competitive demand
What kind of relationship exist between price of a good and demand of its complementary good?
Direct
Inverse
No effect
Can be direct or inverse
As consumer has more and more units of a goods, its marginal utility to him
Rises
Is zero
Declines
Is maximum
If the price of a good changes but everything else influencing suppliers planned sales remains constant , there is a
New supply curve
Movement along the old demand curve
Movement along the supply curve
Rotation of the old supply curve around the old price
Most goods
Are complement to each other
Are normal goods
Have vertical demand curves
Have vertical supply curves
The father of modern economics is :
Prof. Ragnar
Adam Smith
Kenneth Boulding
Prof.Walker
Which of the following will shift the supply curve for good X left ward?
A situation in which quantity demanded exceeds quantity supplied
An increase in the cost of machinery used to produce X
A technological improvement in the production X
A decrease in the wages of workers employed to produce X
The law of demand implies that demand curves
Slope Up
Slope Down
Shift up whenever the price rises
Shift down whenever the price rises
Income effect states that as price of a good falls, demand rises because there is rises in
Money Income
Real Income
Relative price of other goods
Marginal Utility
