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	Theory of Demand and Supply Interview Questions & Answers Below we have listed all the Theory of Demand and Supply Interview Questions and answers. Feel free to comment on any Theory of Demand and Supply Interview Questions or answer by the comment feature available on the page. To buy an eBook containing 30,000 Interview Questions, with Answers, Click Here. View All Theory of Demand and Supply Interview Questions & Answers - Exam Mode / Learning Mode
Theory of Demand and Supply Interview Questions & Answers
As demand for an item increases, prices rise. When manufacturers respond to the price increase by producing a larger supply of that item, this increases competition and drives the price down.

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Question	Rating	View Answer
Law of demand is a_________ a)Quantitative statement b)Qualitative statement c)Both (a) and (b) d)Hypothetical		View Answer
A fall in price of normal goods leads to: a)Shift in demand curve b)Fall in demand c)A rise in consumer's real income d)A fall in consumer's real income		View Answer
The straight line demand curve at the point of the meeting the x axis will indicate elasticity coefficient equal to________ a)One b)Infinity c)Zero d)More than one		View Answer
The commoditywhose demand is associated with the name of Sir Robert Giffen? a)Necessary good b)Luxury good c)Inferior good d)Ordinary good		View Answer
Demand for a commodity refers to:- a)Desire for the commodity b)Need for the commodity c)Quantity demanded of that commodity d)Quantity of the commodity demanded at a certain price during any particular period of time		View Answer
If demand is parallel to x axis, what will be the nature of the elasticity in that case:- a) Perfectly Elastic b) Perfectly Inelastic c) Slightly Elastic d) Slightly Inelastic		View Answer
Contraction of demand results due to_______ a)Increase in price of goods b)Decrease in no. of products c)Increase in Options available d)Salary increase		View Answer
Bricks for houses is an example of which kind of demand? a)Composite b)Competitive c)Joint d)Derived		View Answer
The demand for factors production is________ a)Fundamental demand b)derived demand c)Market demand d)Joint demand		View Answer
Cross elasticity of perfect substitutes is: a)Zero b)Negative c)One d)Infinity		View Answer
Which of the following is not a determinant of demand? a)Consumer's tastes and preferences b)Quality supplied of a commodity c)Income of the consumers d)Price of related goods		View Answer
Which factor generally keeps the price-elasticity of demand for a good low:- a)Variety of uses for that good b)Its low price c)Close substitutes for that good d)High proportion of the consumer's income		View Answer
Expansion and contraction of demand curve occurs due to: a)Change in the price of commodity b)Change in the price of substitute c)Change in income d)None		View Answer
A 10% Increase in the price of tea results is an 8% increase in the demand of coffee. Cross elasticity of demand will be: a)0.80 b)1.25 c)1.50 d)1.80		View Answer
If the price of any complement goods rises: a)Demand curve shifts to left b)Demand curve shifts to right c)Demand curve moves downwards d)Demand curve moves upward		View Answer
If the price elasticity of demand is zero, the shape of the curve will be: a)Horizontal b)Vertical c)Sloping downwards d)None of these d)		View Answer
Cross elasticity of demand between two perfect substitutes will be a)Very high b)Very low c)infinity d)zero		View Answer
What is income elasticity of demand, when income changes by 20% and demand changes by 40% a)1/2 b)2 c)0.33 d)None		View Answer
Movement along the same demand curve shows: a)Expansion of demand b)Expansion of supply c)Expansion and contraction of demand d)Increase and decrease of demand		View Answer
The price of hot dogs increased by 22% and the quantity demanded falls by 25% this indicates that demand for hot dogs is: a)Elastic b)Inelastic c)Unitary elastic d)Perfectly elastic		View Answer