Which of the following is/are constant along a demand curve? (1) Income of the consumers
(2) Price of related goods
Both 1 and 2
While analyzing a demand curve, certain factors are held constant to isolate the effect of price on quantity demanded. These include:
Therefore, both (1) and (2) are constant along a demand curve.
The supply curve of cars is expected to shift rightwards with:
i. An increase in the price of cars
ii. A decrease in fuel prices
The supply curve of a normal good is ____________ sloping. It depicts ___________ on the x-axis and ___________ on the y-axis.
The demand curve gives the quantity demanded by the consumer at each ____________.
Which of the following statements is INCORRECT in the context of demand function?
Marginal Product is defined as:
The cross elasticity of demand means responsiveness of the quantity demanded of a good to a change in:
In case of inferior goods, income elasticity of demand is _____________.
A perfectly elastic supply curve means:
i. A horizontal supply curve
ii. Price Elasticity of Supply = Infinity
The law of demand holds good when:
For normal goods, the demand curve has a/an ______ slope.
In the above diagram, if curve IC represents income - consumption curve, then it means that :
Which one of the following demands states consumers are adequately buying all the products put into the marketplace?