Theory of demand & supply – Test 7

When a very insignificant change in price leads to an infinite change in quantity demanded, it is called as-

Quantity demanded does not change with change in price at all, it is called as-

When a small change in price causes a greater change in quantity demanded it is called as____

Where a greater change in price leads to smaller change in quantity demanded, it is called as ____

When a change in price results in exactly the same percentage change in the quantity demanded of a commodity, it is called as-

Suppose the demand for meals at a medium-priced restaurant is elastic. If the management of the restaurant is considering raising prices, it can expect a relatively _____

In the case of a straight line demand curve meeting the two axes, the price-elasticity of demand at the mid-point of the line would be ____

Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity of a good demanded is smaller than the percentage fall in its price ____

Point elasticity is useful for which of the following situations?

Price elasticity of demand can be measured through ____

According to percentage method or arithmetic method of elasticity of demand, If the percentage change in quantity demanded is greater than the percentage change in price, the elasticity will be ___

According to percentage method or arithmetic method of elasticity of demand, If the percentage change in quantity demanded is less than the percentage change in price, the elasticity is said to be ___

According to percentage method or arithmetic method of elasticity of demand, If the percentage change of both quantity demanded price is same, elasticity of demand is said to be ___

Total expenditure method of elasticity of demand was formulated by-

According to total expenditure method of elasticity of demand, if it is found that total expenditure remains the same, elasticity of demand is said to be-

According to total expenditure method of elasticity of demand, if the total expenditure increases due to increase in price the elasticity of demand is said to be ___

According to total expenditure method of elasticity of demand, if the total expenditure diminished with the decrease in price, the elasticity of demand is said to be ___

Given the following four possibilities, which one results in an increase in total consumer expenditures?

According ______, elasticity of demand is measured on different points on a straight line demand curve.

According to graphic or point method of elasticity of demand, at mid point on a straight-line demand curve, elasticity will be equal to —

According to graphic or point method of elasticity of demand, at higher points on a straight-line demand curve, but to the left of the mid-point, elasticity will be –

According to graphic or point method of elasticity of demand, at lower point on a straight-line demand curve, but to the right of the mid point, elasticity will be ___

According to graphic or point method of elasticity of demand, the price elasticity of demand at a point on a straight-line is equal to _______of the demand curve.

A vertical supply curve parallel to Y-axis implies that the elasticity of supply is: ……

A horizontal supply curve parallel to quantity axis implies that the elasticity of supply is: ……