Theory of demand & supply – Test 9

If the price of Pepsi decreases relative to the price of coke and 7-UP, the demand for _____

_____ is the degree of responsiveness of quantity demanded of goods to a change in the income of consumers.

_____ have a positive income elasticity of demand so as consumers’ income rises, demand also increases.

____ have a negative income elasticity of demand as demand falls when income rises.

____ have an income elasticity of demand, Ed>1.

In the case of an inferior good, the income elasticity of demand is ____

If the good is Luxury, its income elasticity of demand is _____

The quantity purchased will remain constant irrespective of the change in income. This is known as ____

As income increases, the consumer will go in for superior goods and consequently, the demand for inferior goods will fall. This means ____

When income increases the money spent on necessaries of life may not increase in the same proportion, This means ____

The luxury goods like jewellery and fancy articles will have ___

The supply is said to be ___ when a very insignificant change in price leads to an infinite change in quantity supplied.

The supply is said to be ___ when a change in price produces not change in the quantity supplied of a commodity.

The supply is ___ when a small change in price causes a greater change in the quantity supplied.

The supply is ____ when a greater change in price leads to smaller change in quantity supplied.

If the price of a video rental is below the equilibrium price, the quantity supplied is ____ than the quantity demanded. If the price of video rentals is above the equilibrium price, the quantity supplied is ____ than the quantity demanded.

Which of the following approach can be used for determining consumer behaviour?

Who gave a significant contribution in the study of consumer behaviour?

Which of the following assumption is applicable under the Marshallian approach of consumer behaviour?

Which of the following assumption is applicable under the Marshallian approach of consumer behaviour?

___ is a curve which represents all those combinations of goods which give same level of satisfaction to the consumer.

An indifference curve which was introduced by ____

An indifference curve is a curve which represents all those combinations of goods which give ___ level of satisfaction to the consumer.

On which of the following assumption an indifference approach is based?

An indifference curve ___