Positively sloping supply curve
Perfectly elastic supply curve
Backward bending supply curve
Perfectly inelastic
Correct answer is A
No explanation has been provided for this answer.
Price elasticity of demand or supply measures how responsive
Consumers are to a change in price
Sellers are to a change in price
Sellers are to a change in price
Buyers are to a change in income
Correct answer is C
Price elasticity of supply or demand measures the responsiveness to the supply of a good or service after a change in its market price.
The demand for torch and batteries is an example of
Competitive demand
Composite demand
Complementary demand
Derived demand
Correct answer is C
Complementary demand: Demand for a product generated by the demand for a related but different product, such as by computers for software, vehicles for tires, shaving razors for blades.
Increase
Fall
Fluctuate
Remain unchanged
Correct answer is A
If prices for inelastic goods are increased, the total revenue increases, but it would lead to a small decrease in quantity demanded. This means that firms that deal in inelastic goods or services can increase prices, selling a little less but making higher revenues.
The demand curve for neccessity is usually
Vertical
Backward bending
Horizontal
Negatively sloped
Correct answer is A
Necessity goods are products and services that consumers will buy regardless of the changes in their income levels, therefore making these products less sensitive to income change.