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Supply and Demand and Correct Option

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Supply and Demand and Correct Option
Composed & Solved Hafiz Salman Majeed & Maha Shah www.vuaskari.com

ECO401 Current Online 85 Quizzes Question Repeated ignore… In Green color are doubted one…
Question # 1 of 15 ( Start time: 01:24:42 PM ) Total Marks: 1 A person with a diminishing marginal utility of income: Select correct option: Will be risk averse. Will be risk neutral. Will be risk loving. Cannot decide without more information. We know that the demand for a product is elastic if: Select correct option: When price rises, revenue rises. When price rises, revenue falls. When price rises, quantity demanded rises. When price falls, quantity demanded rises The demand for chicken is downward-sloping. Suddenly the price of chicken rises from Rs. 130 per kg to Rs. 140 per kg. This will cause: Select correct option: The demand curve of chicken to shift to the right. The demand curve of chicken to shift to the left. Quantity demanded of chicken to increase. Quantity demanded of chicken to decrease A Demand Curve is price inelastic when: Select correct option: Changes in demand are proportionately smaller than those in price. Changes in demand are proportionately greater than those in price. Changes in demand are equal than those in price. None of the given options the income elasticity of demand is 1/2, the good is: Select correct option: A luxury. A normal good (but not a luxury). An inferior good. A Giffen good.

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Composed & Solved Hafiz Salman Majeed & Maha Shah www.vuaskari.com
It is expected that the sign of cross price elasticity of demand between two complementary goods would be: Select correct option: Positive. Negative. Zero. Ambiguous. A nation's production possibilities curve is "bowed out" from the origin because: Select correct option: Resources are not perfectly shiftable between productions of the two goods. Capital goods and consumer goods utilize the same production technology. Resources are
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