Q. What is the meaning of the change in demand due to change in price of related goods?
✅ Correct Answer: (B)
Cross elasticity of demand
Functional Areas of Business MCQs and Notes
Q. How many types of income elasticity are there?
✅ Correct Answer: (B)
Three
Q. What will be the nature of demand if elasticity of demand is 1?
✅ Correct Answer: (C)
Unit elasticity of demand
Q. What will be the elasticity of demand if percentage change in demand is less than the percentage Change in price?
✅ Correct Answer: (B)
Inelastic demand
Q. How many types of price elasticity of demand are there?
✅ Correct Answer: (C)
Five
Q. How is the demand curves sloped?
✅ Correct Answer: (A)
Negative
Q. The change in price of substitute good ------- the demand for goods.
✅ Correct Answer: (A)
Decreases
Q. When products are expensive then how is the demand of prestigious goods of the rich?
✅ Correct Answer: (A)
More
Q. What is the third nature of human other than consumer and producer?
✅ Correct Answer: (C)
Labour
Q. Which examines the study of demand analysis in economics?
✅ Correct Answer: (A)
Consumer