At very low level of prices, demand is generally
Elastic
Inelastic
Perfectly elastic
Perfectly inelastic
Price mechanism refers to interaction of
Supply and demand
Supply and price
Price and demand
Profit and demand
The demand for a commodity is always
At its cost
At its price
At its size
At its demand
The theory of Revealed Preference was introduced by
Prof. Samuelson
Prof. Hicks
Prof.Marshall
Prof. Adam smith
The basic unit of consumption in a market is
Individual household
All households
Society
Group
The degree of responsiveness of demand for a commodity to a change in its price is called
Elasticity of demand
Increase in demand
Expansion of demand
Decrease in demand
In a market economy a central problems are settled by
Private sector
Central planning authority
Price mechanism
Demand theory
Which of the following commodities has less elastic demand?
Salt
Coffee
Tea
Pen
Demand varies
Positively with price
Not with price
Inversly with price
Negatively sloped
The Demand Theory is associated with the name of
J. M. Keynes
David Ricardo
Alfred Marshall
Samuelson
