When the price of the commodity falls,more of it will be demanded. It is called
Law of Supply
Law of Demand
Law of Consumption
Law of Price
The desire backed by the ability and willingness to pay for a commodity is
Supply
Demand
Commodity
Market
The individual demand for a product by one -single consumer is called
Market demand
Individual demand
Price
The demand curve would shift to the left if his income
Falls
Rises
Remains constant
Equal to price
Which one of the following is a characteristics of market?
Market is not restricted to any geographical location.
Market should have limited area.
A wider market cannot bring changes in the supply.
Market should be restricted to one or two locations.
Which one of the following is the determinants of demand?
Prices of factors of production
The state of technology
Changes in the excise tax rate
Income of the house hold
If income increases
supply increases
supply decreases
demand increases
demand decreases
In a socialist system, the price is decided by the
Producer
Consumer
State
If demand is greater than supply, it would lead to a rise in
Prices
Income
Product
Expenditure
The total demand for the product in the entire economy as a whole is called
