Question : The law of demand states that:

Option 1: if the price of a good increases, the demand for that good decreases

Option 2: if the price of a good increases, the demand for that good increases

Option 3: if the price of a good increases, the quantity demanded of that good decreases

Option 4: if the price of a good increases, the quantity demanded of that good increases

Question : If a man reduces the Selling Price of a fan from Rs. 1,250 to Rs. 1,000, his loss increases by 10%. The Cost Price of the fan is:

Option 1: Rs. 2,400

Option 2: Rs. 2,450

Option 3: Rs. 2,500

Option 4: Rs. 2,350

Question : An article was sold at Rs. 950, allowing a 5% discount on the marked price. The marked price of the article is:

Option 1: Rs. 960

Option 2: Rs. 1000

Option 3: Rs. 955

Option 4: Rs. 945

Question : A unit price elastic demand curve will touch 

Option 1: Both price and quantity axis .

Option 2: Neither price axis , nor quantity axis.

Option 3: Only price axis .

Option 4: Only quantity axis .

Question : A reduction of 21% in the price of an item enables a person to buy 3 kg more for Rs. 100. The reduced price of the item per kg is:

Option 1: Rs. 5.50

Option 2: Rs. 7.50

Option 3: Rs. 10.50

Option 4: Rs. 7