Question : Cross-demand expresses the functional relationship between
Option 1: demand and price of related commodities
Option 2: demand and income
Option 3: demand and price
Option 4: demand and supply
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Correct Answer: demand and price of related commodities
Solution : The correct option is the demand and price of related commodities.
Cross-demand is about how changes in the price of one item affect the demand for another related item. For instance, if tea becomes more expensive, people might start buying more coffee instead. However, if tea becomes more affordable, individuals may decide to switch from coffee to tea.
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Question : A supply function expresses the relationship between
Option 1: price and output
Option 2: price and seller cost
Option 3: price and demand
Option 4: price and consumption
Question : Law of Demand states that there is a negative relationship between ______.
Option 1: demand for a commodity and its supply
Option 2: demand for a commodity and its price
Option 3: tax on a commodity and its price
Option 4: supply of a commodity and its price
Question : Equilibrium price is the price when :
Option 1: Supply is greater than demand .
Option 2: Supply is less than demand .
Option 3: Demand is very high .
Option 4: Supply is equal to demand.
Question : The elasticity of demand for price is:
Option 1: Elasticity = Percentage change in demand/Percentage change in time
Option 2: Elasticity = Percentage change in price/Percentage change in demand
Option 3: Elasticity = Percentage change in demand/Percentage change in supply
Option 4: Elasticity = Percentage change in supply/Percentage change in price
Question : For an inferior good , demand falls when
Option 1: Price rises .
Option 2: Income rises.
Option 3: Price fall.
Option 4: Income fall.
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