- Rises
- Falls
- Remains unchanged
- Any of the above
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Directions : In each of the following questions a statement is given, followed by three conclusions. Give answer : Statement : These apples are too cheap to be good. Assumptions : I. When the apple crop is abundant, the prices go down. II. The lower the selling price, the inferior is the quality of the commodity. III. Very cheap apples are also good.?
Answer: Option 3 It is mentioned that the apples are so cheap that they cannot be good. This means that the prices of good apples are never too low and...
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When demand is perfectly inelastic, an increase in price will result in?
Answer: Option 2 When demand is perfectly inelastic, an increase in price will result in an increase in total revenue.
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Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in its price?
Answer: Option 3 The coefficient of price-elasticity of demand is smaller than one when the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall...
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When price elasticity of demand for normal goods is calculated, the value is always?
Answer: Option 2 When price elasticity of demand for normal goods is calculated, the value is always Negative. The PED is the percentage change in quantity demanded in response to...
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When supply of a commodity increases without change in price, it is called?
Answer: Option 4 When supply of a commodity increases without change in price, it is called rise in supply.
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When as a result of decrease in price of good, the total expenditure made on it decreases we say that price elasticity of demand is?
Answer: Option 1 When as a result of decrease in price of good, the total expenditure made on it decreases we say that price elasticity of demand is less than...
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If elasticity of demand is very low, it shows that the commodity is?
Answer: Option 4 If elasticity of demand is very low, it shows that the commodity is necessity and has little importance in total budget.
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What does price elasticity of demand measure?
Answer: Option 3 The price elasticity of demand measures the responsiveness of the quantity demanded to changes in the price. Demand is inelastic if it does not respond much to...
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Direction : Two statements I and II are given. These statement may be either independent causes or may be effects of independent causes or a common cause. One of these statements may be the effect of the other statements. Read both the statements and decide which of the following answer choice correctly depicts the relationship between these two statements. Mark answer : I. India has surpassed the value of tea exports this year over all the earlier years due to an increase in demand for quality tea in the European market. II. There is an increase in demand of coffee in the domestic market during the last two years.?
Answer: Option 3 The two statements discuss two separate statistical and generalised results.
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