Economics – Supply and Demand MCQ

1 1. Normally a demand curve will have the shape: A Horizontal B Vertical C Downward sloping D Upward sloping Answer: Downward sloping 2. Which one is the assumption of law of demand? A Price of the commodity should not change B Quantity demanded should not change C Prices of substitutes should not change D Demand curve must be linear Answer: Prices of substitutes should…