Which effect explains why consumers buy more of a commodity when its price falls because it becomes relatively cheaper than substitutes?, Substitution effect, Wealth effect, Income effect, demonstration effect, Which of the following is an exception to the law of demand?, normal goods, giffen goods, The supply curve generally slopes:, upwards, downwards, leftwards, rightwards, Market equilibrium occurs when:, Demand is greater than supply, Supply is greater than demand, Demand equals supply, price is maximum, If demand increases while supply remains unchanged, the equilibrium price will:, fall, rise, remain unchanged, become zero, Which of the following is determined at equilibrium?, price, quantity, both, consumer income, A market with a large number of buyers and sellers selling homogeneous products is:, Monopoly, oligopoly, perfect competition, monopolistiv, The automobile industry is commonly considered an example of, Perfect Competition, monopolistic, oligopoly, monopsony, Labour market is considered as, oligopoly, monopsony, monopolistic, perfect, Cardinal Analysis analysis utility by, utils, comparison, national income, Demand

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