When demand decreases
Price falls and Quantity decreases
Price falls and Quantity increases
Price rises and Quantity decreases
Price rises and Quantity increases
The law of demand is given by
Prof. Marshall
Adam Smith
Prof. Walker
J.B. Say
Change in the demand of apples due to increase in the price is ________ of demand.
Contraction
Extension
Increase
Decrease
As consumer has more and more units of a goods, its marginal utility to him
Rises
Is zero
Declines
Is maximum
In the above figure, if D2 is the original demand curve for a normal good which price and quantity will result if incomes fall?
Point a , with price P2 and quantity Q2
Point b, with price P1 and quantity Q1
Point C, with price P3 and quantity Q3
Point d, with price P1 and quantity Q3
The father of modern economics is :
Prof. Ragnar
Kenneth Boulding
Prof.Walker
The law of demand implies that demand curves
Slope Up
Slope Down
Shift up whenever the price rises
Shift down whenever the price rises
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
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
A decline in the price of a good cause producers to reduce the quantity of the good they are willing to produce. This fact illustrates.
The law of demand
The law of supply
A change in supply
The nature of an inferior good
