which statement best compares the laws of supply and demand? -General Knowledge

which statement best compares the laws of supply and demand? -General Knowledge
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The two economic laws exist in theory. They work in practice, but real-world factors can have an effect.
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"Supply creates its own demand" - Who said this? (1) J. B. Say (2) J. S. Mill (3) J. M. Keynes (4) Senior

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Last Answer : (1) J. B. Say Explanation: "Supply creates its own demand" is the formulation of Say's law by John Maynard Keynes. The rejection of this doctrine is a central component of The General Theory of ... you build it, they will come", and Inherent in supply is the wherewithal for its own consumption".

The market equilibrium for a commodity is determined by : (1) The market supply of the commodity. (2) The balancing of the forces of demand and supply for the commodity (3) (3) The intervention of the Government. (4) (4) The market demand of the commodity.

Description : The market equilibrium for a commodity is determined by : (1) The market supply of the commodity. (2) The balancing of the forces of demand and supply for the commodity (3) (3) The intervention of the Government. (4) (4) The market demand of the commodity.

Last Answer : (2) The balancing of the forces of demand and supply for the commodity Explanation: Market Equilibrium is determined when the quantity demanded of a commodity becomes equal to the quantity ... equilibrium is known as equilibrium price and the corresponding quantity is known as equilibrium quantity.

Movement along the same demand curve is know as - (1) Extension and Contraction of Demand (2) Increase and Decrease of Demand (3) Contraction of supply (4) Increase of supply

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Last Answer : (2) Increase and Decrease of Demand Explanation: A shift in the demand curve is caused by a factor affecting demand other than a change in price. If any of these factors change then the amount ... of a change in supply conditions. The factors affecting demand are assumed to be held const ant.

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Description : Who said 'Supply creates its own demand'? (1) Adam Smith (2) J.B.Saw (3) Marshall (4) Ricardo

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Full convertibility of a rupeee means - (1) purchase of foreign exchange for rupees freely (2) payment for imports in terms of ruppes (3) repayment of loans in terms of rupees (4) determination of rate of exchange between rupee and foreign currencies freely by the market forces of demand and supply

Description : Full convertibility of a rupeee means - (1) purchase of foreign exchange for rupees freely (2) payment for imports in terms of ruppes (3) repayment of loans in terms of rupees (4) determination of rate of exchange between rupee and foreign currencies freely by the market forces of demand and supply

Last Answer : (4) determination of rate of exchange between rupee and foreign currencies freely by the market forces of demand and supply Explanation: The full convertibility of the Indian currency means ... governmental control. Presently, the issue of capital account convertibility is in the discussion stage.

In a Capitalistic Economy, the prices are determined by : (1) Demand and Supply (2) Government Authorities (3) Buyers in the Market (4) Sellers in the Market

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Last Answer : (1) Demand and Supply Explanation: Capitalism generally refers to economic system in which the means of production are largely or entirely privately owned and operated for a profit, structured on the ... and services lead to higher prices and lower demand for certain goods lead to lower prices.

Name the curve which shows the quantity of products a seller wishes to sell at a given price level. (1) Demand curve (2) Cost curve (3) Supply curve (4) None of these

Description : Name the curve which shows the quantity of products a seller wishes to sell at a given price level. (1) Demand curve (2) Cost curve (3) Supply curve (4) None of these

Last Answer : (3) Supply curve Explanation: The supply curve shows the relationship between the price of a good and the quantity supplied, holding constant the values of all other variables that affect supply. Each point on the curve shows the quantity that sellers would choose to sell at a specific price.

A supply function expresses the relationship between - (1) price and output (2) price and selling cost (3) price and demand (4) price and consumption

Description : A supply function expresses the relationship between - (1) price and output (2) price and selling cost (3) price and demand (4) price and consumption

Last Answer : (1) price and output Explanation: The supply function expresses the relationship between the Lotal quantily supplied and the price received by all suppliers per unit of time, holding other factors constant. It illustrates the relation between price and supply.

Cross demand expresses the functional relationship between - (1) demand and prices of related commodities (2) demand and income (3) demand and prices (4) demand and supply (4)

Description : Cross demand expresses the functional relationship between - (1) demand and prices of related commodities (2) demand and income (3) demand and prices (4) demand and supply (4)

Last Answer : (1) demand and prices of related commodities Explanation: Other things being constant, cross demand expresses the relation between demand for good A' due to change in the price of its related good 'B' ... that at different prices of good B' what different quantities of good A' will be demanded.

When the price of a commodity falls, we can expect - (1) the supply of it to increase (2) the demand for it to fall (3) the demand for it to stay constant (4) the demand for it to increase

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The functional relationship between income and consumption expenditure is explained by - (1) Consumer' Surplus (2) Law of Demand (3) Law of Supply (4) Keynes's psychological law of consumption

Description : The functional relationship between income and consumption expenditure is explained by - (1) Consumer' Surplus (2) Law of Demand (3) Law of Supply (4) Keynes's psychological law of consumption

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