Micro Economics MCQ (GK Set-1) with Answers

Micro Economics MCQ (GK Set-1) with Answers

61) A perfectly competitive market has

Answer is:

many buyers and sellers.

62) If an increase in the price of blue jeans leads to a decrease in the demand for tennis shoes, then blue jeans and tennis shoes are

Answer is:

complements.

63) The law of demand states that an increase in the price of a good

Answer is:

decreases the quantity demanded for that good along its demand curve

64) The law of supply states that an increase in the price of a good

Answer is:

increases the quantity supplied of that good along its supply curve

65) If an increase in consumer incomes leads to a decrease in the demand for camping equipment, then camping equipment is

Answer is:

an inferior good.

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