Theory of demand & supply – Test 2

_____ refers to how much quantity of a product or service is desired by buyers.

Demand for a commodity refers to:……

The ____ is the amount of a product people are willing to buy at a certain price.

The law of demand is :……

Which of the following thing(s) is/are essential to become effective demand?
X. Desire for a commodiaty
Y. Willingness to pay
Z. Ability to pay for the commodity

As per ______,” A fall in the price of a commodity causes a household to buy more of that commodity and less of the other commodities which complete with it, while rise in price causes the household to buy less of this commodity and more competing commodities.”

According to the law of demand,____, if the price of a commodity falls, the quantity demanded of it will rise and if the price of a commodity rises, its quantity demanded will decline.

The law of Demand, assuming other things to remain constant, establishes the relationship between:…..

As per law of demand, other things being equal, if the price of a —

According to law of demand, other things being equal, if the price of a commodity rises, its quantity demanded will ___

Demand is the _____

The law of demand assumes that ___ remain the same in a given period.

The good which cannot be consumed more than once is known as____

The law of demand, assuming other things to remain constant, establishes the relationship between: _____

The law of demand assumes that ___ remain the same in a given period.

A relative price is ___

As per law of demand, there is ___ between price and quantity demanded, other things being same.

ceteris paribus means ____

Demand for goods by an individual or the market as a whole is conventionally expressed in the form of-
I. demand schedule
II. demand function
III. demand curve

A ____ of an individual buyer is an algebraic form of expressing his demand behavior.

A ____ is a tabular form of describing the relationship between quantities demanded of a good in response to its price per unit, while all non-price determining variables remain unchanged.

Which of the following is a graph representation of the demand schedule?

A demand curve-

All but one of the following are assumed to remain the same while drawing an individual’s demand curve for a commodity. which one is it?

The quantity demanded of a goods or service is the amount that _____