A. The price of the related products
B. Technology
C. Both a and b
D. None of these
Related Mcqs:
- A demand curve shifts because of change is_____________________?
A. Consumer tastes
B. Number of buyers in market
C. Incomes
D. All of these - The intersection of the supply curve and demand curve indicates ?
A. Market equilibrium
B. Market demand
C. Market condition
D. None - The responsiveness of the quantity demand of a commodity to change in the consumer’s income, measured by the proportionate change in quantity divided by the proportionate change in income ?
A. Elasticity of demand
B. Import substitution
C. Income elasticity of demand
D. None - The implicit change in real income resulting from the effects of a change in a commodity’s price on quantity demand?
A. Income effect
B. Substitution effect
C. Labour effect
D. All - Production possibility curve is always concave because ?
A. The curve gets steeper as we move downward
B. The marginal benefit decreases as more of a good is consumed
C. In reflects the law of increasing opportunity cost
D. Resources are scarce - All points on the production possibility curve explain__________________?
A. Allocative efficiency
B. Productive efficiency
C. Less than full use of resources
D. Unattainable levels of output - Any point inside the production possibility curve represents ?
A. Unemployment
B. Failure to achieve productive efficiency
C. Both A. and B.
D. None of these - Upward shift of the demand curve is due to_________________?
A. Changing in quantity demanded
B. Increase in demand
C. Decrease in quantity demanded
D. None - The demand schedule or the demand curve of all buyers of a good or service is called____________________?
A. Market demand
B. Total demand
C. Both
D. None - Excess utility over price derived by the consumers because of negative sloping demand curve ?
A. Producer surplus
B. Consumer surplus
C. Marginal utility
D. Demand surplus
