Multiple Choice Questions on Which of the following statement is true ........ for Common University Entrance Test (CUET) Preparation

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Multiple Choice Questions

Which of the following statement is true ........

Economics (CUET) Consumer Behaviour and Demand
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    Which of the following statement is true?

    When a rise in the price of a commodity leads to decrease in quantity supplied of a commodity, it is called Contraction of Supply.

    Incorrect Answer

    When a fall in the price of a commodity leads to increase in quantity supplied of a commodity, it is called Contraction of Supply.

    Incorrect Answer

    When a fall in the price of a commodity leads to decrease in quantity supplied of a commodity, it is called Contraction of Supply.

    Correct Answer

    When a rise in the price of a commodity leads to increase in quantity supplied of a commodity, it is called Contraction of Supply.

    Incorrect Answer
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    Explanation:

    Option (3) is correct.

    Explanation: Contraction in supply can be defined as due to fall in price of the commodity, there is fall in quantity supplied of a commodity, i.e., there is downward movement along the same supply curve.

     

    By: Parvesh Mehta
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