InterviewSolution
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InterviewSolution
This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 101. |
Individual demand. (a) Micro economics (b) Slicing method (c) Lumping method (d) Study of individual unit Options: (1) a, b and d (2) b and c (3) b, c and d (4) only a |
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Answer» Correct option: (1) a, b and d |
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| 102. |
Write short note: Concept of demand |
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Answer» Demand for a commodity refers to the quantity of a commodity that a consumer is willing and is able to purchase at a particular price at any particular point of time. In the concept of demand besides ability to purchase, the ability to purchase is also important. It is only when the consumer has sufficient purchasing power the willingness to purchase the commodity can be regarded as demand. Without the purchasing power, the willingness to purchase is only a desire. For example, an individual may be willing to purchase a house. But it can be termed as demand only when the consumer has sufficient purchasing power for the same |
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| 103. |
Identify and explain the concept from given illustrations.Pari has bought most desirable Apple iphone 11 pro. |
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Answer» Concept: Demand Explanation : In economics demand means a desire which is backed by willingness and ability to pay. It was Part’s most favourite phone, thus she spend whatever price for it was and bought the phone. |
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| 104. |
Identify and explain the concept from given illustrations.Since Manoj’s salary has increased he has bought 5 kgs of rice instead of 3 kgs rice which he buys normally. |
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Answer» Concept: Increase in demand Explanation : Increase in demand refers to change in quantity demanded due to favourable changes in other factors like tastes, income, etc., and price remains constant. Manoj has got increment this month and hence he has bought more quantity of rice at same price. |
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| 105. |
Identify the concepts : (i) A poor person wants to have a car.(ii) A rich person bought a car. |
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Answer» (i) Desire : because he does not have ability and capacity to pay the price for a car. (ii) Demand : because a rich person has a desire as well as capacity to pay a car. |
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