Theory of demand & supply – Test 4

Which of the following factors or principle is/are responsible for the operation of the law of demand, or for the downward slope of demand curves?
X. The law of diminishing marginal utility
Y. The law of equi-marginal utility
Z. Increased real income

Which of the following factors or principle is/are responsible for the operation of the law of demand, or for the downward slope of demand curves?

If the demand changes due to change in price, it is called-

If the demand changes due to change in other things, it is called as-

When a consumer moves from one point to another on the same demand curve it is called as-

When the entire demand curve shifts its position it is called as-

If due to increase in ‘price’, quantity demanded goes downward it is known as____

If due to increase in ‘price’, quantity demanded goes upward it is known as____

If due to change in ‘other things’, quantity demanded goes upward it is known as-

If due to change in ‘other things’, quantity demanded goes downward it is known as-

Contraction of demand is the result of:____

A movement along the demand curve for soft drinks is best described as:_____

There is no exception to law of demand?

Which of the following is/are exception to the law of demand?
I. Conspicuous necessities
II. Giffen goods
III. Change in fashion
IV. Conspicuous consumption

If, as people’s income increases, the quantity demanded of a good decreases, the good is called ____

In the case of a Giffen good, the demand curve will be: ____

The price of tomatoes increases and people buy tomato puree. You infer that tomato puree and tomatoes are _____

Conspicuous goods are also known as ____

Goods which are consumed by weaker section of society are known as –

With an increase in the price of diamond, its demand also increases. This is because it is a :____

Goods which are used by rich people to show their status are known as-

Some special varieties of inferior goods are termed as-

Which of the following is Giffen goods?

Which of the following is not Giffen goods?

An increase in consumer income will increase demand for a ____ but decrease demand for a _____