Consumers Equilibrium and Demand Test

Result

Consumers Equilibrium and Demand Test - 5

Score
-
out of -
Rank
-
out of -

TIME Taken - -

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Weekly Quiz Competition

Question 1
1 / -0

A rise in the income of the consumer leads to a fall in the demand for commodity ‘x’. What type of good is commodity ‘x’?

A
Inferior good

B
Normal good

C
Snob goods

D
Necessity good

Solution

An inferior good is a type of good for which demand declines as the level of income increases.
Question 2
1 / -0

The substitute goods of a normal good are those that can be used

A
Together

B
Does not exist

C
In place of each other

D
Along with each other

Solution

Substitute goods are those goods that can satisfy the same necessity, they can be used for the same end.
Question 3
1 / -0

One factor that causes a righttward shift of the demand curve out of the following is

A
Rise in the price of complementary goods

B
Fall in the price of substitute goods

C
Fall in income

D
Rise in income

Solution

Any factor other than price shifts demand curve.

Increase in demand is depicted through rightward shift,due to increase in income demand of a good increases.
Question 4
1 / -0

One factor that causes a movement along the demand curve of a commodity

A
Fall in the price of substitute goods

B
Fall in price of the good

C
Rise in income

D
Rise in the price of complementary goods

Solution

Movements along a demand curve happen only when the price of the good changes.
Question 5
1 / -0

The marginal product is above the average product curve, when the average product is:

A
Increasing

B
Becomes constant

C
Decreasing

D
None of above

Solution

Relationship between AP and MP is stated below:
(i) AP increases when MP is greater than AP.
(ii) AP is maximum when both MP and AP are equal.
(iii) AP decreases when MP is less than AP.
(iv) AP continues to be positive even when MP is zero or negative.
Question 6
1 / -0

What does one take on two axes while drawing an indifference curve?

A
Quantity and price of a good

B
Quantities of two goods

C
Price of the two goods

D
Quantity along X axis and price along Y axis

Solution

An indifference curve is a graph showing combination of two goods(quantity) that give the consumer equal satisfaction and utility. Each point on an indifference curveindicates that a consumer is indifferent between the two and all points give him the same utility.
Question 7
1 / -0

A demand function shows

A
Relationship between quantity demanded and price

B
Relationship between quantity desired and factors affecting it

C
Relationship between quantity demanded and income only

D
Relationship between quantity demanded and factors affecting it

Solution

Demand function shows the relationship between quantity demanded for a particular commodity and the factors influencing it.
Question 8
1 / -0

The tangency between price line and indifference curve shows?

A
MRS=P

B
MRSxy =Px/Py

C
Marginal rate of substitution equals to income

D
MRSxy = Py/Px

Solution

At point of tangency,slope of the both IC and budget line is same,

i.e. MRS=MRE

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

Consumers Equilibrium and Demand Test - 5

Result

Consumers Equilibrium and Demand Test - 5

Score

-

Rank

-

SHARING IS CARING

Question 1

Inferior good

Normal good

Snob goods

Necessity good

Solution

Question 2

Together

Does not exist

In place of each other

Along with each other

Solution

Question 3

Rise in the price of complementary goods

Fall in the price of substitute goods

Fall in income

Rise in income

Solution

Question 4

Fall in the price of substitute goods

Fall in price of the good

Rise in income

Rise in the price of complementary goods

Solution

Question 5

Increasing

Becomes constant

Decreasing

None of above

Solution

Question 6

Quantity and price of a good

Quantities of two goods

Price of the two goods

Quantity along X axis and price along Y axis

Solution

Question 7

Relationship between quantity demanded and price

Relationship between quantity desired and factors affecting it

Relationship between quantity demanded and income only

Relationship between quantity demanded and factors affecting it

Solution

Question 8

MRS=P

MRSxy =Px/Py

Marginal rate of substitution equals to income

MRSxy = Py/Px

Solution

User

Question Analysis

My Perfomance

Score

-

Rank

-

Results Announcement on: coming Monday

Stay Tuned: We’ll update you on your result via email or SMS.