All but one of the following are assumed to remain the same while drawing the demand curve for a commodity. Which one is it?
Select Your Answer (Keyboard: A, B, C, D)
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Theory of Demand and SupplyMCQPYQ - May 2019Question 23 of 125
All Questions Correct Answer
✅ Option c — Price of the commodity
All Options:
- AThe preference of the individual
- BHis monetary income
- CPrice of the commodity
- DPrice of related goods
Detailed Solution & Explanation
PYQ - May 2019
About This Chapter: Theory of Demand and Supply
Paper
Paper 4: Business Economics
Weightage
10%
Key Topics
Law of Demand/Supply, Elasticity, Consumer Behavior
One of the most important chapters in the entire CA Foundation Economics paper. It covers the Law of Demand, Law of Supply, Elasticity of Demand (Price, Income, and Cross), Consumer Behavior (Cardinal and Ordinal approaches), and the concept of Consumer Surplus. Understanding demand and supply curves and their shifts is essential for grasping market dynamics.
View Official ICAI SyllabusExam Strategy Tip
Master the difference between 'Change in Demand' (shift) and 'Change in Quantity Demanded' (movement). This distinction alone can secure 3-5 marks. Also practice Elasticity numerical calculations.
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More Questions from Theory of Demand and Supply
Demand for a commodity refers to:
Contraction of demand is the result of:
Which of the following pairs of goods is an example of substitutes?
In the case of a straight line demand curve meeting the two axes, the price-elasticity of demand at the mid-point of the line would be:
The Law of Demand, assuming other things to remain constant, establishes the relationship between:
Identify the factor which generally keeps the price-elasticity of demand for a good low:
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