Sumera Nawaz ECONOMICS - Microeconomics

Which of the following events would lead to a decrease in the equilibrium price of oranges?

A. A decrease in consumer income. B. An increase in the price of apples (a substitute for oranges). C. A decrease in the number of orange producers. D. A decrease in the price of orange juice (a complement to oranges).

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Explanation

A decrease in the price of a complement to oranges (orange juice) would increase the demand for oranges, leading to a decrease in equilibrium price.

Sumera Nawaz ECONOMICS - Microeconomics

Which of the following statements about elasticity of demand is true?

A. Unitary elastic demand indicates that quantity demanded does not change with a change in price. B. Elastic demand curves are usually steeper than inelastic demand curves. C. Inelastic demand means consumers are very sensitive to price changes. D. Elasticity measures the responsiveness of quantity demanded to a change in price.

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Explanation

Elasticity of demand measures how much quantity demanded responds to a change in price. Elastic demand means consumers are sensitive to price changes.

Sumera Nawaz ECONOMICS - Microeconomics

If the demand for a product increases while its supply remains constant, what will happen to the equilibrium price and quantity?

A. Price will decrease and quantity will increase. B. Price will increase and quantity will decrease. C. Price and quantity will both increase. D. Price and quantity will both decrease.

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Explanation

An increase in demand with constant supply will lead to an increase in both equilibrium price and quantity traded.

Sumera Nawaz ECONOMICS - Microeconomics

Which of the following factors does NOT influence the demand for a good?

A. Price of related goods. B. Income of consumers. C. Future expectations. D. Cost of production.

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Explanation

The cost of production is a determinant of supply, not demand. Demand is influenced by factors such as price of related goods, income, and future expectations.

Janib Khan ECONOMICS - Microeconomics

The branch of economics that deals with the allocation of resources is called ______.

A. Econometrics. B. Macroeconomics . C. Microeconomics. D. All of these.

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Fani Warraich

macroeconomics

Fani Warraich ECONOMICS - Microeconomics

Who is the father of economics?

A. Adam smith. B. Robbins. C. Dr. Keynes. D. None of these.

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Explanation

Fani Warraich

GOOD

Fani Warraich

xcxcb

Janib Khan

Right