Theory of Supply

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Theory of Supply

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According to law of supply, there is

1 point

positive relation between supply and price

negative relation between supply and price

there is no relation between supply and price

None of the above

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Movement along the supply curve occurs due to

1 point

a. increase in own price of the commodity

b. decrease in own price of the commodity

c. both a and b

d. factors other than own price of commodity

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In case of contraction of supply, we move

1 point

to right on the another supply curve

from lower point to upper point

from upper point to lower point

None of the above

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When supply curve is parallel to x-axis, elasticity of supply is

1 point

zero

unity

infinity

negative

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When supply curve is parallel to y-axis, it indicates that supply is:

1 point

unitary elastic

perfectly elastic

perfectly inelastic

relatively elastic

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