Question : ____leads to an increase in a commodity's supply with no change.

Option 1: Rise in supply

Option 2: Contraction in supply

Option 3: Expansion in supply

Option 4: Fall in supply

Question : The equilibrium price of a commodity will rise if there is a/an:

Option 1: increase in supply combined with a decrease in demand.

Option 2: increases in both demand and supply.

Option 3: decrease in both demand and supply.

Option 4: increase in demand accompanied by a decrease in supply.

Question : Other things being equal, a decrease in the quantity demanded of a commodity can be caused by:

Option 1: a rise in the price of the commodity.

Option 2: a rise in the income of the consumer.

Option 3: a fall in the price of a commodity.

Option 4: a fall in the income of the consumer.

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

Question : What is an expansion in Demand Curve?

Option 1: Rise of demand due to the rise of the supply

Option 2: Rise of demand due to the Decreasing of the Price

Option 3: Deduction in Price, Lowering Demand 

Option 4: Rise in Demand and Rise in Price  

Question : Scarcity is the __________.

Option 1: limitation of supply in relation to demand for a commodity

Option 2: limitation of demand in relation to supply for a commodity

Option 3: equal of demand and supply for a commodity

Option 4: None of the above