Tag: economics
Questions Related to economics
In a situation of perfectly elastic supply, price of the commodity tends to remain constant, no matter demand increases or decreases.
The responsiveness of the sellers to a particular change in the price of the commodity is termed as ___________.
The concept of elasticity of supply is a parallel concept to the concept of __________.
The elasticity of supply is _________ when the change in the amount of supply is in exact proportion to the change in price.
A supply curve passing through any point on X axis (quantity) will have elasticity __________.
If a dealer is prepared to supply 1000 sets of a 29" Colour TV if the price is Rs. 12,000 per set, however if the price rises to Rs. 15,000 he is prepared to supply 1,500 pieces. The elasticity of supply of the TV set is _______.
A 6% decrease in price has caused 9% decrease in quantity supplied, the price elasticity of supply will be _________.
A 6% increase in price has caused 8% increase in quantity supplied, the price elasticity of supply will be _________.
The supply function is given as: Q= -100 + 10P.
Who is the pioneer of "White revolution" in India?