Change in the demand due to increase in the income of the consumers is known as ________ of demand.
Decrease
Increase
Extension
Contraction
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
Income effect states that as price of a good falls, demand rises because there is rises in
Money Income
Real Income
Relative price of other goods
Marginal Utility
The law of demand implies that demand curves
Slope Up
Slope Down
Shift up whenever the price rises
Shift down whenever the price rises
If the price of a good changes but everything else influencing suppliers planned sales remains constant , there is a
New supply curve
Movement along the old demand curve
Movement along the supply curve
Rotation of the old supply curve around the old price
Increase in the price of ink will ________ the demand of pen.
Keep constant
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
As consumer has more and more units of a goods, its marginal utility to him
Rises
Is zero
Declines
Is maximum
The father of modern economics is :
Prof. Ragnar
Kenneth Boulding
Prof.Walker