Question

1. Which of the followings do not affect demand of commodities?

(a) Income of a consumer (b) Price of the product (c) Tastes of consumers (d) Cost of production

2. Stock is always ______ than supply.

(a) Higher (b) Lower (c) Not higher (d) Negligible

3. If price goes up supply ______

(a) Increases (b) Expands (c) Decreases (d) Contracts

4. ‘The cost of born is unborn’ this statement is related to ________ cost.

(a) Opportunity (b) Real (c) Fixed (d) Variable

5. According to ______ ‘In the long run, there is no distinction between fixed cost and variable cost.’

(a) Adam Smith (b) Alfred Marshall (c) Benham (d) Robbinson​

Answer 1

2. maximum

5. adam smith