What kind of relationship exist between income and demand of inferior good?
Direct
Inverse
No effect
Can be direct or inverse
The law of demand is given by
Prof. Marshall
Adam Smith
Prof. Walker
J.B. Say
As consumer has more and more units of a goods, its marginal utility to him
Rises
Is zero
Declines
Is maximum
The law of demand implies that demand curves
Slope Up
Slope Down
Shift up whenever the price rises
Shift down whenever the price rises
A complement is a good
Of lower quality than another
Used in conjunction with another good
Used instead of another good
Of higher quality than another
When demand decreases
Price falls and Quantity decreases
Price falls and Quantity increases
Price rises and Quantity decreases
Price rises and Quantity increases
The father of modern economics is :
Prof. Ragnar
Kenneth Boulding
Prof.Walker
Change in the demand of apples due to increase in the price is ________ of demand.
Contraction
Extension
Increase
Decrease
Which of the following will shift the supply curve for good X left ward?
A situation in which quantity demanded exceeds quantity supplied
An increase in the cost of machinery used to produce X
A technological improvement in the production X
A decrease in the wages of workers employed to produce X
How is law of demand expressed functionally?
Dx = f (P2) , ceteris paribus
Dx = f (Px) , ceteris paribus
Dx = f (y) , ceteris paribus
Dx = f (T) , ceteris paribus
