Question : What is the reason for the change in demand?
1:Change in income level of consumer.
2:Change in taste and preferences.
3:Change in population

Option 1: Option a only

Option 2: Option b only

Option 3: Option c only

Option 4: All of the above(A, B and C)

Question : Which of the following are the assumptions of the law of Demand?

Option 1: Price remains unchanged

Option 2: Income remains unchanged 

Option 3: The price of related goods is changed 

Option 4: A change in taste and preferences 

Question : Marshall established the law of Equimarginal Utility:

Option 1: Related to money
 

Option 2: Related to goods

Option 3: Both of the above

Option 4: All of the above

Question : Demand price elasticity denotes:

Option 1: Change in demand
 

Option 2: Change in demand due to change in price

Option 3: Change in Price

Option 4: Change in real income

Question : The elasticity of demand is the degree of responsiveness of demand for a commodity to a ___________.

Option 1: Change in consumer's wealth

Option 2: Change in the price of substitutes

Option 3: Change in consumer's taste

Option 4: Change  its price