A commodity for which demand increases at higher prices and falls at lower prices is termed as:

Related MCQs

• If the change in demand for a commodity is at a faster rate than change in the price of the commodity, the demand is -
• The demand of a commodity is a direct demand but the demand of a factor of production is called a -
• When price of a substitute of commodity falls, the demand for -
• When percentage change in demand for a commodity is less than percentage change in its price, then demand is said to be -
• 'Law of demand' implies that when there is excess demand for a commodity, then
• Elasticity of demand is the degree of responsiveness of demand of a commodity to a -
• When the price of a commodity falls, we can expect -
• The demand for two or more commodities or factor of production that are used together so that a change in demand for one will be reflected in a change in demand for other e.g., cloth and thread is called
• The production of a commodity in which a higher proportion of capital is used is known as
• The system of agricultural support by which market prices are fixed at above free market levels and government buys surpluses, thus supporting prices and raising farmer’s income is called: