Bissoy.com
Doctors Medicines MCQs Q&A

For the following statement of Assertion (A) and Reasoning (R) select the correct answer:
Assertion (A): Price reduction normally leads to an increase in the demand for a commodity.
Reason (R): Price reduction leads to the entry of new buyers of the commodity in the market.

For the following statement of Assertion (A) and Reasoning (R) select the correct answer:
Assertion (A): Price reduction normally leads to an increase in the demand for a commodity.
Reason (R): Price reduction leads to the entry of new buyers of the commodity in the market. Correct Answer Both (A) and (R) are correct but (R) does not offer a full explanation of (A)

Related Questions

From the following determinants of the price elasticity of demand, indicate the correct option for the determinants having a positive relationship with the degree of the price elasticity of demand.
1. Range of substitutes of the commodity
2. Extent of the different uses of the commodity
3. Portion of the income of the buyer spent on the commodity
4. Income group of buyers purchasing the commodity
Consider the following statements
1. Decrease in demand is caused by change in factors other than own price of the commodity.
2. Contraction of demand is caused by decrease in own price of the same commodity.
3. Extension of demand is caused by increase in own price of the same commodity.
Which of the statement(s) given above is/are correct?
In the question below, a statement is given, followed by three courses of actions numbered I, II and III. On the basis of the information given, you have to assume everything in the statement to be true, and then decide which of the suggested course of action logically follow (s) for pursuing. Statement: Led by a strong response to its first super sports utility vehicle Urus, Italian sports car maker Lamborghini is likely to more than double its volumes in India by the end of 2019, a year ahead of its plan, and cross the milestone of 50-60 vehicles per annum. The company, which began deliveries for Urus in India in September, said the vehicle is already booked for the coming six-nine months in India much like the global markets, and it will help Lamborghini get new. customers into its fold. Courses of action: I. The company is planning not to increase the price of its vehicle despite significant rupee depreciation and wants to protect the attractive price of Urus for prospective buyers.  II. The super sports utility vehicle will drive volumes, super sports cars such as Huracan and Aventador will grow by 8-10%. The company feels an 8-10% growth in the segment is a realistic expectation in spite of the challenges.  III. More than 68% of Urus buyers are first-time Lamborghini buyers and makers are sure that this will have a positive rub-off effect on the super sports car segment too.
For perfect competition, indicate the correct answer for essential conditions from the following.
1. Large number of buyers and sellers
2. Perfect knowledge of the market
3. Homogeneous product for sale
4. Absence of transportation cost
5. Freedom of entry and exit of buyers and sellers from the market
6. Rational Behaviour of buyers and sellers
The price of commodity X increases by 40 paisa every year, while the price of commodity Y increases by 15 paisa every year. If in 2001, the price of commodity X was TK4.20 and that of Y was TK 6.30, in which year commodity X will cost 40 paisa more than commodity Y?
The price of commodity X increases by 40 paisa every year, while the price of commodity Y increases by 15 paisa every year. If in 2023, the price of commodity X was Tk. 4.20 and that of Y was Tk. 6.30, in which year commodity X will cost 40 paisa more than the commodity Y?
The price of commodity X increases by 40 paise every year, while the price of commodity Y increases by 15 paise every year. If in 2001, the price of commodity X was Rs. 4.20 and that of Y was Rs. 6.30, in which year commodity X will cost 40 paise more than the commodity?
The price of commodity X increases by 60 rupees every year, while the price of commodity Y increases by 20 rupees every year. If in 2002, the price of commodity X was Rs. 320 and that of Y was Rs. 740, in which year commodity X will cost 60 rupees more than the commodity Y ?
The price of commodity X increases by 40 paise every year, while the price of commodity Y increases by 15 paise every year. If in 2001, the price of commodity X was Rs. 4.20 and that of Y was Rs. 6.30, in which year commodity X will cost 40 paise more than the commodity Y ?
Consider the following statements for the perfect market. Which of the following statement(s) is/are correct?
1. All the buyers and sellers have freedom to make entry or exit at any time in the market.
2. There are a large number of small undifferentiated buyers.
3. A single price prevail in the market.