ECO 121 (CBT 2)

According to law of demand when prices rise, quantity demanded is expected to fall ceteris paribus (all things being equal). This shows that there is a _______ relationship between price and demand.

The higher the price, the ________ the quantity supplied. The lower the price, the _______ the quantity supplied.

The relationship between the price and quantity of a good offered to the market for sale is known as ___________

Expectation of a rise in price of goods may force people into what is called ________

All except ____________ are referred to as complementary goods.

One of the following is not a basic economic problem.

If supply is price inelastic, the value of the price elasticity of supply must be _________

A rise in prices of goods and services will mean __________ in quantity demanded.

___________ is the effect of a change in price on quantity demanded as a result of switching by consumers to alternative or from alternative products.

Those who manage, organize and coordinate and take decision in a firm are called _________