people demand more of product X when the price of product Y decreases. This means X and Y are

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Question:
people demand more of product X when the price of product Y decreases. This means X and Y are

1. complements

2. both inexpensive

3.not related

4.substitutes

Posted Date:-2022-01-04 12:18:05

More MCQS Questions and answers

  1. Demand is a function of ——-
  2. Derived demand is directly determined by ——
  3. For inferior commodities income effect is ——–
  4. If marginal utility is zero
  5. In relatively elastic demand ED is —— A.
  6. In relatively elastic demand ED is —— A.
  7. People wants are
  8. The existence of both public and private sector enterprises constitutes
  9. The subject matter of economics is
  10. Who is assured as father of Economics?
  11. A forecast with a time horizon of about 3 months to 3 years is typically called a ——-
  12. A Market demand can be derived by adding all the individual demand curves ——
  13. A market demand Schedule for a product indicates that ——
  14. A perfectly inelastic demand curve ——
  15. A positive cross elasticity of demand coefficient indicates that—–
  16. A relative change in quantity demanded is less than the relative change in money income is —— income
  17. An increase in consumer income will increase demand for a —— but decrease demand for a —–
  18. Demand curve is a ——-
  19. Economics is a science the basis of this statement does not include
  20. Economics is derived from the Greek word OIKONOMIKUS which means
  21. Forecasts are usually classified by time horizon into three categories they are ——-
  22. Forecasts ————
  23. Forecasts used for new product planning, capital expenditure, facility location or expansion and R&D Forecasts used for new product planning, capital expenditure, facility location or expansion and R&D typically utilize a ——-
  24. In economics the central problem is
  25. Law of demand does not include
  26. One purpose of short-range forecasts is to determine ———-
  27. Paul.A.Samuelson has defined economics as
  28. people demand more of product X when the price of product Y decreases. This means X and Y are
  29. Positive Science concern with economics analysis
  30. Profit = ———
  31. Profit Maximisation goal is suitable for —- and —– markets
  32. Profits is denoted as, which of the following symbol?
  33. Sales Maximisation concept is given by —–
  34. Sales Maximisation is suitable for —— market
  35. The demand for a good is highly inelastic if——-
  36. The extra utility from consuming one more unit of a commodity is called
  37. The forecasting model that the opinions of a group of experts or managers is known as ———
  38. The price elasticity of demand is the ——
  39. The three major types of forecasts used by business organisation are ——
  40. The two general approaches to forecasting are———
  41. Under command economy, activities are guided by
  42. Utility is measured by
  43. When demand is elastic——–
  44. When prediction about the future is based on the assumption that the firm does not change the course of its action is ——– forecast
  45. When we know the quality of a product that buyers wish to purchase at each possible price, we know
  46. Which is not a determinant of demand?
  47. Which of the following is an economic activity?
  48. Which of the following is not a step in the forecasting process
  49. Which of the following uses three types of participants: decision-makers, staff personnel and respondents
  50. Which will cause a change in the demand for good X?
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