Test Details

Consumer Equilibrium And Demand

Term 1 Microeconomics test

Nov 01, 7:00 PM

60 minutes

Nov 01, 8:00 PM

60.0 marks

MCQ

30 questions

CA Pranav Sharma

A Chartered Accountant by qualification who loves teaching and writing. Teaching is my passion. I started teaching in 2003 when i was 18 years. I have also published books on Introductory Macroeconomics and Macroeconomics for class 11 and 12th.( books are available on amazon and notionpress.com). for sample book refer my fb page www.facebook.com/pranav.author

Class Details

Micro economics

Class 11

Micro economics

Here we will understand the concepts related to Accounts and economics. Classes shall be held thrice a week. Students may note that our book on Introductory Macroeconomics(published by notion press- having ISBN) is available on amazon. The book is free for our students. After purchasing pls share the receipt and the amount shall be reimbursed.

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Question Text

Question 1 :
A fall in the price of a commodity leads to _______.

Question 2 :
When percentage change in quantity demanded is equal to the percentage change in price, the elasticity of demand is __________.

Question 3 :
 Quantity demanded is a specific amount of a commodity that the consumer is ready to buy against a specific price at a particular time.

Question 4 :
In case of _______ goods, demand increases with decrease in income of the consumer.

Question 5 :
A market demand curve for shoes indicates, how many pairs of shoes _____.

Question 8 :
Which one is not an assumption of law of diminishing marginal utility?

Question 9 :
In the case of a free good, the marginal utility is ____________.

Question 12 :
When the price of a substitute of commodity $X$ falls, the demand for commodity $X$ ___.

Question 13 :
If change in the demand of the commodity is proportionate to the change in price, the demand of the commodity is known as _________.

Question 16 :
If the price of $'Y'$ falls by $20$% and the quantity demamded falls by $25$%, $Y$ has:

Question 17 :
Which one of the following factors is not an exception to the law of demand?

Question 18 :
What was Robert Giffen's observation relating to price and quantity demanded of Giffen goods?

Question 22 :
A demand curve, which takes the form of a horizontal line parallel to the quantity axis illustrates elasticity, which is ____________.

Question 23 :
Change in the demand of butter due to increase in its price is called ________.

Question 28 :
When zero units have been consumed, what value TU and MU takes?

Question 29 :
a) The price consumption curve is a useful tool of indifference curve analysis b) If the slope of price consumption curve is negative, the elasticity of demand for the commodity is greater than unity

Question 30 :
The consumer is in equilibrium and is consuming commodity$-X$ only. The marginal utility from last unit consumed of commodity$-X = 50$ utils and $MU_M = 10$. Find the price of the commodity$-X$.

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