How is law of demand expressed functionally?
Dx = f (P2) , ceteris paribus
Dx = f (Px) , ceteris paribus
Dx = f (y) , ceteris paribus
Dx = f (T) , ceteris paribus
Increase in the price of ink will ________ the demand of pen.
Increase
Decrease
Keep constant
No effect
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
What kind of relationship exist between income and demand of inferior good?
Direct
Inverse
Can be direct or inverse
In the above figure which movement reflects a decrease in demand?
From a to e
From a to b
From a to d
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
The father of modern economics is :
Prof. Ragnar
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
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
