Chp-3A

Question 1

The relationship between demand for a good and price of it substitute is

Answer 1

Direct

Question 2

The relationship between income and demand for inferior good is

Answer 2

Inverse

Question 3

Symbolically the functional relationship between demand and price can be expressed as

Answer 3

Dx=f(Px)

Question 4

When less units are demanded at high price it shows

Answer 4

Contraction in demand

Question 5

A situation where more quality is demanded at lower price

Answer 5

Expansion of demand

Question 6

Graphical representation of demand schedule

Answer 6

Demand curve

Question 7

A commodity which can be put to several uses

Answer 7

Composite demand

Question 8

Desire which is backed by willingness to purchase and ability to pay

Answer 8

Demand

Question 9

Demand curve slopes downward from left to right

Answer 9

Agree

Question 10

Price is only determinant of demand

Answer 10

Disagree

Question 11

When price of giffen goods fall the demand for it increases

Answer 11

Disagree

Question 12

Rightward shift in demand curve

Answer 12

Increase in demand

Question 13

Leftward shift in demand curve

Answer 13

Decrease demand

Question 14

Price remains

Answer 14

Constant

Question 15

Increase and decrease in demand comes under

Answer 15

Change in demand