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 : 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

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 : 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 : The elasticity of demand concerning price is

Option 1: Infinity

Option 2: One

Option 3: Greater than one

Option 4: Less than one