Business Economics

141. The change in demand due to change in price only, where other factors remaining constant, it is called ______________

1. Shift in demand
2. Extension of demand
3. Contraction of demand
4. Both extension and contraction

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142. In the above function, the letter T stands for

1. Target price
2. Total supply
3. Total consumption
4. Taste and preference of consumers

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143. ______________ means relationship between demand and its various determinants expressed mathematically

1. Demand extension
2. Demand contraction
3. Demand analysis
4. Demand function

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144. " ______________ in economics means demand backed up by enough money to pay for the goods demanded"

1. Utility
2. Consumption
3. Supply
4. Demand

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145. In the case of ______________ a small change in price leads to very big change in quantity demanded

1. Perfectly elastic demand
2. Perfectly inelastic demand
3. Relative elastic demand
4. Unit elastic demand

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146. Basic assumptions of law of demand does not include

1. There is no change in consumers' taste and preference
2. Income should remain constant.
3. Prices of other goods should change.
4. There should be no substitute for the commodity

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147. in the case of perfect inelasticity, the demand curve is

1. Vertical
2. Horizontal
3. Flat
4. Steep

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148. Purposes of long term Demand forecasting includes

1. Making a suitable production policy.
2. To reduce the cost of purchasing raw materials and to control inventory.
3. Deciding suitable price policy
4. Planning of a new unit or expansion of existing unit

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149. Pricing is done on the basis of managerial decisions, not on the basis of cost, demand etc...

1. Managerial pricing
2. Administered pricing
3. Full cost pricing
4. Competitive pricing

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150. The pricing of cup of tea or coffee, is an example of

1. Mark up pricing
2. Marginal cost pricing
3. Conventional pricing
4. Cost plus pricing

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