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3) a) The demand schedule explains the functional relationship between price and
quantity variations
b) The total quantity of a commodity demanded at different prices in a market
by the whole body consumers at a particular period of time is called market
demand schedule
c) The graphical representation of the demand schedule is called as a demand curve
d) Market demand schedule helps to know the various quantities that are likely to
be demanded at different prices
a) TTTT b) TTFF c) FFTT d) FFFT
8) ------------ states that demand for status symbol goods would go up with a rise in
price and vice versa
a) Giffen’s Paradox b) Vablen’s effect c) Price effect d) Income effect
9) Elasticity of demand is generally defined as the ----------- or ------------ of
demand to a given change in the price of a commodity
a)Responsiveness , sensitiveness b) non responsiveness , sensitiveness c)
Responsiveness , no sensitiveness
10) When original demand is 20 units, new demand is 60 units , original price is 6,
new price is 4 then price elasticity of demand is --------
a) 6 b) -6 c) 4 d) -4
11) When a very small change in price leads to an infinite change in demand it
called ----------
a) Perfectly elastic demand b) perfectly inelastic demand c) relative elastic
demand d) relative in elastic demand