Question : Which of the following is the assumption of the law of demand?
A: The commodity's price should not change.
B: The quantity requested should not change.
C: Substitute prices should not change.

Option 1: Only A correct 

Option 2: B and C are correct

Option 3: Only C correct

Option 4: A, B, and C all are correct.

Question : Which of the following factors affects the income elasticity of demand?

Option 1: Availability of substitutes

Option 2: Time period under consideration

Option 3: Proportion of income spent on the good

Option 4: All of the above

Question : Which of the following factors affects the price elasticity of demand?

Option 1: Availability of substitutes

Option 2: Time period under consideration

Option 3: Proportion of income spent on the good

Option 4: All of the above

Question : EXCEPT for the one, the following are the causes of a shift in demand:
A: Change in income
B: Change in price
C: Change in prices of substitutes
D: Change in fashion
 

Option 1: B only

Option 2: B and C only 

Option 3: A, B, and C only

Option 4: A, B, C, and D 

Question : Which one is not the type of elasticity of demand?

Option 1: Price elasticity of demand

Option 2: Income elasticity of demand 

Option 3: Cross elasticity of demand 

Option 4: Consumer elasticity of demand