The law of demand implies that demand curves
Slope Up
Slope Down
Shift up whenever the price rises
Shift down whenever the price rises
A drop in the price of compact discs shifts the demand for prerecorded tapes leftward. From that you know compact discs and prerecorded tapes are:
Complements
Substitutes
Inferior Goods
Normal Goods
The father of modern economics is :
Prof. Ragnar
Adam Smith
Kenneth Boulding
Prof.Walker
Change in the demand of apples due to increase in the price is ________ of demand.
Contraction
Extension
Increase
Decrease
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
When demand decreases,
Price falls and Quantity decreases
Price falls and Quantity increases
Price rises and Quantity decreases
Price rises and Quantity increases
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 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.
