MCQs Micro Economics in English, Demand Theory

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Micro Economics    

Demand Theory

When the price of a good increases, demand for it.

decreases	increases
doesn't change	none

The demand for something is the function of.

income	price
money	all

The quantity demanded is the function of:

income	price
money	all

The demand curve usually has slope.

horizontal	vertical
positive	negative

Fashion, weather, consumer income, etc. are in demand.

parameters	assumptions
both	none

The law of demand does not apply to.

rare items	drugs
both	none

Change in demand and change in quantity demanded are

two separate terms	the same terms
both	none

When quantity demanded changes, the demand curve goes:

to the right	to the left
does not change	both

The demand curve due to assumptions, goes

to the right	to the left
Everything is possible	impossible to change

In which law, the relationship between price and demand of goods is reversed?

demand law	law of supply
both	none

The demand curve shifts due to.

change in income	change in the value of money
change in the weather	all

The demand letter does not shift due to

change to climate	change in the value of money
change price	change in income

The demand for an item shrinks due to.

fall in price	rise in price
both	none

The demand for something spreads.

fall in price	rise in price
both	none

We demand for:

luxury items	basic necessities
secondary items	all

Which items have higher demand?

basic necessities	primary items
luxury items	secondary items

Purchase of these goods is impossible without money.

primary items	secondary items
luxury items	all

The relationship between price and demand is generally.

reverse	straight
both	None

Is necessary to demand something.

will to buy the good	power to buy the good
both	none

The demand curve is negative.

always	usually
never	sometimes