The theory of Revealed Preference was introduced by
Prof. Samuelson
Prof. Hicks
Prof.Marshall
Prof. Adam smith
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
Price mechanism refers to interaction of
Supply and demand
Supply and price
Price and demand
Profit and demand
A demand curve usually slopes
Upward from left to right
Downward from left to right
Upward from right to left
Downward from right to left
Demand for normal goods like cream milk increase with
Income
Cost
Price
Investment
At very low level of prices, demand is generally
Elastic
Inelastic
Perfectly elastic
Perfectly inelastic
If a demand curve is a straight line parallel to y-axis it shows
Less elastic demand
Which of the following are complementary goods ?
Scooter and Car
Scooter and Petrol
Scooter and Bicycle
Scooter and bus
Elasticity of demand will be less in the case of households having
High income
Low income
Very low income
Very high income
Law of demand implies
Direct relationship between demand and price
Inverse relationship between demand and price
Direct relationship between demand and supply
Indirect relationship demand and price
