The father of modern economics is :
Prof. Ragnar
Adam Smith
Kenneth Boulding
Prof.Walker
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
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
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
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
Increase in the demand for wages due to industrial development is an example of
Income demand
Cross demand
Derived demand
Competitive demand
Change in the demand due to increase in the income of the consumers is known as ________ of demand.
Decrease
Increase
Extension
Contraction
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
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
