Demand for normal goods like cream milk increase with
Income
Cost
Price
Investment
If the proportion of total expenditure on a commodity in a budget is high, its demand is taken to be __________.
Elastic
Inelastic
Unit elastic
None of these
The basic unit of consumption in a market is
Individual household
All households
Society
Group
Demand varies
Positively with price
Not with price
Inversly with price
Negatively sloped
Supply curve is ___________.
Having zero slope
Positively sloped
A rightward shift of supply curve indicates ________.
Expansion of supply
Contraction of supply
Increase in supply
If a demand is perfectly elastic,the demand curve will be a straight line _______.
Parallel to x-axis
Parallel to y-axis
Passing through the origin
Which of the following commodities has less elastic demand?
Salt
Coffee
Tea
Pen
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
Expansion and contraction of supply is due to changes in ________.
Price of the commodity
Income of the firm
Technology