In the above figure which movement reflects a decrease in demand?
From a to e
From a to b
From a to d
What kind of relationship exist between income and demand of inferior good?
Direct
Inverse
No effect
Can be direct or inverse
Increase in the price of ink will ________ the demand of pen.
Increase
Decrease
Keep constant
The law of demand is given by
Prof. Marshall
Adam Smith
Prof. Walker
J.B. Say
When demand decreases,
Price falls and Quantity decreases
Price falls and Quantity increases
Price rises and Quantity decreases
Price rises and Quantity increases
The father of modern economics is :
Prof. Ragnar
Kenneth Boulding
Prof.Walker
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
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
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
