Micro Economics MCQ (GK Set-1) with Answers

Micro Economics MCQ (GK Set-1) with Answers

96) In general, a flatter demand curve is more likely to be

Answer is:

price elastic.

97) In general, a steeper supply curve is more likely to be

Answer is:

price inelastic.

98) Which of the following would cause a demand curve for a good to be price inelastic?

Answer is:

The good is a necessity

99) The demand for which of the following is likely to be the most price inelastic?

Answer is:

transportation

100) If a supply curve for a good is price elastic, then

Answer is:

the quantity supplied is sensitive to changes in the price of that good

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