HomeQuizzes & SurveysCSEET Mock Test – Multiple Choice Questions – Economics – Demand and Suppy Part 2 (15 MCQs) CSEET Mock Test – Multiple Choice Questions – Economics – Demand and Suppy Part 2 (15 MCQs) CSEET Economics MCQs Welcome to CSEET Mock Test – Multiple Choice Questions – Demand & Suppy Mcqs 2 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 Demand for car decreases due to increase in price. It implies that car and petrol areWatch CSEET FREE VIDEOS Normal goods Inferior goods Substitute goods Complementary goods Effect of change in the price of a product on the consumer’s purchasing power is Consumer surplus Income effect Substitute effect None of the above ________ goods are those goods which are consumed together simultaneously. Competing goods Complementary goods Inferior goods Superior goods Larger the size of the population of a country or region, ________ is the demand for commodities Lesser Greater Same No effect Demand can be defined as: Desire to buy Ability to pay Willingness to buy Desire and willingness to buy backed by adequate purchasing power Movement along the demand curve is due to the following reason: Change in the price of substitute goods Change in the price of the commodity Improvement in technology Both “a” and “b” If two goods are perfect substitute for each other, cross elasticity is _________ Negative Positive Not defined None of these Demand remains constant, decrease in supply means ________ in equilibrium price Falls Rise Both a and b None of the above A vertical supply curve parallel to the Y-axis implies that the elasticity of supply is Zero Infinite Equal to 1 Greater than 0 but less than 1 Total expenditure method of measuring elasticity was formulated by Alfred Marshall Hicks and Allen Ragnes Frisch Paul A Samuelson For luxuries, the elasticity is _________________ Less than 1 Equal to 1 More than 1 Zero Supply Curve is _________ sloped, in direction from Positively, upward to right Positively, downward negatively sloped Negatively, downward to left Negatively, left to right Which one of these is not an exception to the law of supply? Competition Monopoly Change in fashion Perishable goods In __________, small change in price causes a greater change in quantity demanded Relatively elastic demand Perfectly elastic demand Unitary elastic demand None of the above If the price for laptops increases, and relatively the demand for tablets increases then, laptops and tablets are Ceteris Paribus products Independent products Substitute products Complementary products Watch FREE Updated Videos of CSEET Contract Act by Deep Gyan Classes. CLICK HERE. Join our Telegram group for free Notes/Videos/MCQs of CSEET: https://t.me/deepgyancseet Time is Up!