As a certain type of clothing becomes more fashionable, we would expect its equilibrium price

Related MCQs

• What will happen to the equilibrium price and quantity of peanut butter if peanuts increase in price and the price of jelly decreases?
• The individual demand and supply curve of a product are Dx = 12-2px, Sx=3+5px, where Px stand for price and Dx and Sc respectively stands for quantity demanded and quantity supplie(d) If there are 5000 consumers and 1000 suppliers for the product under question. What will be the equilibrium price
• Which of the following is correct for a price floor set above the equilibrium price?
• Which of the following is correct for the price ceiling which is set below the market‟s equilibrium price?
• If supply and demand both shift outward, but demand shifts outward more than supply, the equilibrium price
• The minimum price that a supplier expect to make available a specific quantity for sale is called
• If there is low formalization, a comprehensive information network and high participation in decisionmaking, one would expect…………….
• If the price elasticity of demand for wine is estimated to be -.6, then a 20% increase in price of wine will lead to ………………….in quantity demanded of wine at that price
• If the price elasticity of demand of Chicken is +.95. then a 20% increase in price of chicken will lead to in quantity demanded of chicken at that price
• Tea and Coffee are perfect substitute of each other, given the price of Tea and Coffee being `100 and `200 per Kg. a consumer is prepared to buy 3 Kg. of each. If the price of tea remain same and the price of Coffee rises to `400 per kg. the demand for Tea goes to 6 Kg. and that of Coffee falls to 1Kg. The elasticity of substitution between Tea and Coffee is