Unit 2 - Principles of Economics - BBA 1st Sem
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Answer - a) The quantity of a product consumers are willing and able to buy at a given price.
Answer - b) Demand Theory
Answer - b) Consumer preferences
Answer - b) Demand curve
Answer - b) Downward
Answer - d) Law of Demand
Answer - a) The responsiveness of quantity demanded to price changes
Answer - b) A small responsiveness to price changes
Answer - b) Elastic
Answer - b) Analyse consumer preferences
Answer - d) Marginal utility per dollar spent is equal for all goods
Answer - d) The difference between what consumers are willing to pay and what they actually pay for a product
Answer - d) The price of a product increases, and consumers switch to a cheaper substitute
Answer - a) Income effect
Answer - a) A decrease in the demand for the product
Answer - b) A smaller increase in quantity demanded
Answer - a) Complementary goods
Answer - c) A luxury good
Answer - d) Market elasticity of demand
Answer - a) Price
Final Score:
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