The Price and quantity relationship for an inferior good is:

Related MCQs

• Supply curve represents -------- relationship between quantity and price
• Income elasticity of demand for inferior goods is:
• Change in demand due to a change in the price of related good :
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• Which of the following statements best describes the general form of a production function: (i) It is a purely technological relationship between quantities of input and quantities of output. (ii) It represents the technology of an organisation, sector of an economy. (iii) Prices of inputs or of the output do not enter into the production function. (iv) It is a flow concept describing the transformation of inputs into output per unitof time.
• In the case of normal goods, the quantity demanded varies inversely with:
• If a positively sloped linear supply curve crosses the quantity axis, the elasticity of supply is:
• The horizontal supply curve parallel to quantity axis represents:
• Change in quantity supplied of a product can result from: