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Economics Mcqs 4423 MCQs [All-Courses]

Economics MCQs cover fundamental concepts of microeconomics and macroeconomics, including demand and supply, inflation, national income, and economic policies.
This section is designed to strengthen analytical skills and conceptual understanding for competitive examinations.
Highly useful for PPSC, FPSC, NTS, OTS, KPPSC, and other testing services preparation.

What effect is working when the price of a good falls and consumers tend to buy it instead of other goods ?

A The ceteris paribus effect

B The diminishing marginal utility effect.

C The substitution effect

D The income effect

Review Detailed Answer

Correct Answer: The substitution effect

The law of demand implies that ?

A as prices rise, demand decrease

B as prices fall, quantity demanded increase

C as prices fall demand increases

D as prices rise, quantity demanded increases

Review Detailed Answer

Correct Answer: as prices fall, quantity demanded increase

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Economics Mcqs 4423 MCQs [All-Courses]

All Topics 4423

All Topics 4423

What effect is working when the price of a good falls and consumers tend to buy it instead of other goods ?

The law of demand implies that ?