An increase in product price will cause (a) quantity demanded to decrease (b) quantity supplied to decrease © quantity demanded to increase (d) the demand curve to shift to the left

An increase in product price will cause
(a) quantity demanded to decrease
(b) quantity supplied to decrease
© quantity demanded to increase
(d) the demand curve to shift to the left
by

1 Answer

Answer :

(a) quantity demanded to decrease
by

Related questions

Change in cost of production of the concerned goods causes (a) The demand curve to shift ; (b) The supply curve to shift ; (c) Increase in quantity demanded; (d) Decrease in quantity supplied

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Last Answer : (b) The supply curve to shift ;

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Last Answer : increase

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A rightward shift in the supply schedule indicates (a) a decrease in supply (b) an increase in supply © an increase in quantity supply (d) a decrease in quantity supply

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The individual demand and supply curve of a product are Dx = 12-2px, Sx=3+5px, where Px stand for price and Dx and Sc respectively stands for quantity demanded and quantity supplie(d) If there are 5000 consumers and 1000 suppliers for the product under question. What will be the equilibrium price (a) `4 ; (b) `5 ; (c) `3 ; (d) `4.5

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Elasticity of demand measures the responsiveness of the quantity demanded of a goods to a (1) change in the price of the goods (2) change in the price of substitutes (3) change in the price of the complements (4) change in the price of joint products

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Last Answer : c. as the price rises, the quantity demanded falls

The law of demand states that (1) if the price of a good increases, the demand for that good decreases. (2) if the price of a good increases, the the demand for that good increases. (3) if the price of a good increases, the quantity demanded of that good decreases. (4) if the price of a good increases, the quantity demanded of that good increases.

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A price consumption curve, traces the utility maximizing combination of two goods when (a) the price of one good changes (b) the consumer’s preference change © the consumer’s income changes (d) the demand curve for one of the goods shifts rightward

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Last Answer : (a) the price of one good changes

In case of horizontal demand curve , price elasticity of demand is (a) equal to zero (b) equal to one © equal to two (d) infinite

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Demand curve shifts downwards when (a) at the same price level demand falls (b) price increases and demand falls © price falls and demand also falls (d) at the same price level demand increases

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A demand curve will not shift: (1) When only income changes (2) When only prices of substitute products change (3) When there is a change in advertisement expenditure (4) When only price of the commodity changes

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