CBSE economics
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The demand of a commodity when measured through the expenditure approach is inelastic. A fall in its price will result in :
(choose the correct alternative)
(a) no change in expenditure on it.
(b) increase in expenditure on it.
(c) decrease in expenditure on it.
(d) any one of the above
(c) decrease in expenditure on it.
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As we move along a downward sloping straight line demand curve from left to right, price elasticity of demand : (choose the correct alternative)
(a) remains unchanged
(b) goes on falling
(c) goes on rising
(d) falls initially then rises
(b) goes on falling
Define market demand.
Market demand is the aggregate quantity demanded of a commodity by all the consumers, who are willing to purchase at a given price during a given period of time.
Average revenue and price are always equal under : (choose the correct alternative)
(a) perfect competition only
(b) monopolistic competition only
(c) monopoly only
(d) all market forms
(d) all market forms
State any one feature of oligopoly.
The foremost characteristic of oligopoly is interdependence of the various firms in the decision making.
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Mock Test Series
Mock Test Series