Demand varies
Positively with price
Not with price
Inversly with price
Negatively sloped
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
Elasticity of demand will be less in the case of households having
High income
Low income
Very low income
Very high income
The Demand Theory is associated with the name of
J. M. Keynes
David Ricardo
Alfred Marshall
Samuelson
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
Which of the following pairs of commodities is an example of substitutes?
Car and petrol
Paper and pen
Coffee and tea
None of these
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 basic unit of consumption in a market is
Individual household
All households
Society
Group
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