The father of modern economics is :
Prof. Ragnar
Adam Smith
Kenneth Boulding
Prof.Walker
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
The law of demand is given by
Prof. Marshall
Prof. Walker
J.B. Say
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
The law of demand implies that demand curves
Slope Up
Slope Down
Shift up whenever the price rises
Shift down whenever the price rises
In the above figure which movement reflects a decrease in demand?
From a to e
From a to b
From a to d
Each point on the demand curve reflects
All the wants of a given household
The highest price consumers are willing to pay for an additional unit of a good
The highest price sellers will accept for all units over time
The lowest cost technology available to produce a good
Change in the demand of apples due to increase in the price is ________ of demand.
Contraction
Extension
Increase
Decrease
Change in the demand due to increase in the income of the consumers is known as ________ of demand.
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
