HomeQuizzes & SurveysCSEET Mock Test – Economics and Business Environment – Demand & Suppy Mcqs 1 CSEET Mock Test – Economics and Business Environment – Demand & Suppy Mcqs 1 CSEET Economics MCQs Welcome to CSEET Mock Test - Economics and Business Environment - Demand & Suppy Mcqs 1 Watch Free CSEET Lectures || More CSEET Mock Tests (MCQs) || Download Free CSEET Notes Join our Telegram Group for more Free Content. Click Here to Join. Please provide us following details. This will help us to avoid spammers. Name Email Mobile No. Contraction of demand is the result of Decrease in the number of consumers Increase in the price of the good concerned Increase in the prices of other goods Decrease in the income of purchases What is the coefficient of price-elasticity of demand when the percentage increase in the quantity of a good demanded is smaller than the percentage fall in its price? Equal to one Greater than one Smaller than one Zero In the case of an inferior goods, the income elasticity of demand is: Positive Zero Negative Infinite If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the goods to Remain the same Increase Decrease Any of these The law of demand is A quantitative statement Qualitative statement Both a quantitative and a qualitative statement Neither a quantitative nor a qualitative statement All of the following are determinants of demand except Tastes and preferences Quantity supplied Income Price of related goods A horizontal supply curve parallel to the quantity axis implies that the elasticity of supply is: Zero Infinite Equal to one Greater than zero but less than one A typical demand curve cannot be: Concave from below Convex from below Rising upward to right A straight line When price decreases, quantity demanded increase it is known as a. b. Expansion of demand Increase in demand Contraction of demand Decrease in demand Which of the following is not the exception to the law of demand Giften goods Level of income Future expectations Conspicuous necessities When price elasticity is found between two points is known as Arc elasticity Cross elasticity Point elasticity None of the above Luxury goods are price ___________ while necessities are price ___________ Inelastic Elastic Elastic, Inelastic Inelastic, Unitary Unitary, Elastic The elasticity of substitution between two perfect substitutes is __________ Greater than 0 Infinity Less than infinity Zero Slope of a demand curve is determined by: its own price factors other than its own price any of these None of these Demand for car decreases due to increase in price. It implies that car and petrol are Normal goods Inferior goods Substitute goods Complementary goods Time is Up!