Theory of demand & supply – Test 6

_____ relates to the supply of a goods or service by one firm at different prices, other things remains constant or equal.

______ is the sum of the amount of good supplied for sale by all the firms or producers in the market at different prices during a given time

The supply curve slopes-

Law of supply states that there exist ____ between the price of a product and its quantity supplied, ceteris paribus.

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

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

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

When the entire supply curve shifts its position it is called as ____

If due to increase in ‘price’, quantity supplied goes upward it is known as-

If due to decrease in ‘price’, quantity supplied goes downward it is known as-

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

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

If the demand curve for a good is horizontal and the price is positive, then a leftward shift of the supply curve results in-

Which of the following can be treated as determinants if supply?
1. cost of factor inputs such as land, labour, capital, raw materials etc.
2. change in technology.
3. prices of related commodity.

Which of the following can be treated as determinants of supply?

Which of the following can be treated as determinants of supply?

In economics, equilibrium is a situation in which:_____

In economics, equilibrium is a situation in which___

The equilibrium is the state when-

If graphical presentation is made for demand and supply curve equilibrium is attained when-

____ is defined as the responsiveness of the quantity demanded of a good to changes in one of the variables on which demand depends or we can say that it is the percentage change in quantity demanded divided by the percentage in one of the variables on which demand depends.

____ of demand is the degree of responsiveness of the demand for a commodity to a change in its price.

Demand for a good will tend to be more elastic if it exhibits which of the following characteristics?

Identify the factor which generally keeps the price-elasticity of demand for a good low-

Demand for a good will tend to be more inelastic if it exhibits which of the following characteristics?