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 : When a good's demand is less elastic,
a) Price change as a percentage of demand as a percentage of price change
b) Change in the amount demanded as a percentage of price change
c) Price change by percentage equals demand by percentage changed
d) Demand is more steeply curved.

Option 1: A and B only

Option 2: B and C only 

Option 3: A and D only

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 : Commodity demand refers to:

Option 1:
Requirement for the commodity

Option 2: Want for the commodity

Option 3: Quantity of the commodity demanded at a specific price and at a specific time

Option 4: The quantity of that commodity demanded

Question : Which of the following statements is FALSE?
A: All five types of elasticity can be depicted on a linear demand curve.'
B: If two demand curves are linear and intersect, the coefficient of elasticity on the different demand curves at the point of intersection will be the same.
C: If two demand curves are linear and parallel to each other, the coefficient of elasticity on each demand curve will be different at a given price.

Option 1: Only A correct

Option 2: Only B correct

Option 3: Only C correct

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