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
Price mechanism refers to interaction of
Supply and demand
Supply and price
Price and demand
Profit and 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
The indifference curve approach was introduced by
Prof .Samuelson
Prof : Hicks
Prof. Marshall
Prof Adam smith
At very low level of prices, demand is generally
Elastic
Inelastic
Perfectly elastic
Perfectly inelastic
Which of the following pairs of commodities is an example of substitutes?
Car and petrol
Paper and pen
Coffee and tea
None of these
Which of the following are complementary goods ?
Scooter and Car
Scooter and Petrol
Scooter and Bicycle
Scooter and bus
A slight change in price causing on infinite change in demand is a situation of
Unit elastic demand
Perfectly elastic demand
More elastic demand
Perfectly inelastic demand
In a straight line demand curve sloping downward from left to right, what will be the elasticity of demand at the mid point of the curve?
Infinity
Unity
Zero
One
