The indifference curve approach was introduced by
Prof .Samuelson
Prof : Hicks
Prof. Marshall
Prof Adam smith
Which of the following are complementary goods ?
Scooter and Car
Scooter and Petrol
Scooter and Bicycle
Scooter and bus
Price mechanism refers to interaction of
Supply and demand
Supply and price
Price and demand
Profit and demand
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
Which of the following commodities has less elastic demand?
Salt
Coffee
Tea
Pen
The demand for a commodity is always
At its cost
At its price
At its size
At its demand
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
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
Elasticity of demand will be less in the case of households having
High income
Low income
Very low income
Very high income
