Management Information System – Business Communication

537

Basics of Demand and Supply and Forms of Market Competition - Economics

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. When the quantity demanded increases due to a decrease in the price of a commodity, what is it called?

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What type of market structure has only one seller with complete market power?

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In which market structure do consumers have a preference for choosing one product over another, and sellers can set slightly differentiated prices?

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 What is the result of an increase in the price of a complement on demand, assuming other factors remain constant?

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What does an increase in demand cause in terms of the demand curve?

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When is cross elasticity of demand negative?

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What does the income elasticity of demand measure?

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Which factor leads to an increase in the elasticity of demand over time?

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. What type of demand occurs when consumers can easily find alternatives or substitutes for a product?

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What happens to the demand for very costly goods when their prices increase, according to the text?

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19. The reason for the kinked demand curve is that:

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18. Excess supply of a commodity will cause ................. in its price.

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17. If demand decreases and supply remains constant, equilibrium price will .................

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16. If the price for laptops increases, and relatively the demand for tablets increases then, laptops and tablets are

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15. Which of the following are the barriers to entry?

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14. Monopolist is a .................

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13. Discriminating monopolist charges a higher price from the market which has a relatively ................. demand.

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12. The perfectly competitive firm can sell its output at ................. prices.

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 What happens to the demand for very costly goods when their prices increase, according to the text?

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 What is the numerical value of unitary elastic demand?

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 Which type of demand is characterized by a small change in demand with a greater change in price?

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 What does the concept of "elasticity of demand" measure?

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When does a surplus occur in the market according to the information provided?

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What is the equilibrium price in the given scenario?

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What exceptional cases are mentioned where the law of demand may not apply?

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Under what conditions is the law of demand applicable?

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Which factor primarily determines the demand for a commodity according to the law of demand?

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According to the law of demand, what happens to the quantity demanded when the price of a commodity falls?

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What is the main economic principle that demand refers to?