The type of demand that exist between torchlight and battery is

A. competitive demand

B. complemetary demand

C. composite demand

D. joint demand

When the price of a commodity increases and the quantity demanded also increases, this is a case of

A. exceptional demand

B. derived demand

C. competitive demand

D. joint demand

If a fall in price of one commodity leads to an increase supply of another commodity, both commodities have

A. composite supply

B. joint supply

C. competitive supply

D. short run supply

At a co-efficient of price elasticity of supply of 0.5, supply is

A. perfectly inelastic

B. inelastic

C. perfectly elastic

D. elastic

In the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?

A. An increase in demand for X will increase supply of Y

B. An increase in demand for X will leave the supply of Y unchanged

C. An increase in demand for Y will raise the price of X

D. An increase in demand for X will cause less of Y to be produced

If an increase in earning leads to more of of a commodity being demanded, the good is said to have

A. positive income elasticity

B. negative income elasticity

C. positive cross elasticity

D. negative cross elasticity

The interaction of supply and demands for labour determines

A. production

B. income

C. wage

D. profits

Government fixing of prices below the equilibrium point is aimed at protecting the

A. sellers

B. industries

C. distributors

D. consumers

A consumer maximizes his utility in consuming a good 'X' when

A. Mux = Px

B. Px > Mux

C. price is falling

D. Mux > Px

The relationship between Marginal Product (MP) and Average Product (AP) is such that they are equal when

A. average product is maximum

B. Average product is minimum

C. Marginal Product is maximum

D. Marginal Product is increasing