16. What are the usual objectives of a company while fixing its pricing policy?
i] Profit
ii] Price Stability
iii] Market share
a. i and ii
b. i and iii
c. ii and iii
d. i, ii and iii
Answer: d. i, ii and iii
17. "Time element plays an important role in price determination." Who proposed this?
a. Ke Ke Thompson
b. Samuel Sagathy
c. Dr. Alfred Wisconsin
d. Adam Smith
Answer: d. Adam Smith
18. Match the Following
1] Price elasticity of demand
i] Change in demand due to change in price
2] Income elasticity of demand
ii] Change in demand due to change in income
3] Cross elasticity of demand
iii] Change in demand of X commodity due to change in price of Y commodit
4] Price elasticity of Supply
iv] Change in supply due to change in price
v] Change in demand dur to change in raw material
vi] Change in supply due to change in supplier
a. 1-iii, 2-vi, 3-iv, 4-ii
b. 1-ii, 2-vi, 3-iv, 4-iii
c. 1-i, 2-ii, 3-iii, 4-iv
d. 1-i, 2-vi, 3-iv, 4-iii
Answer: c. 1-i, 2-ii, 3-iii, 4-iv
19. Who proposed Risk-taking theory of profit?
a. J.M. Keynes
b. Adam Smith
c. Hawley
d. Alfred Wisconsin
Answer: c. Hawley
20. Which of the following is true about "Aggregate supply function", as per keynes?
i] Refers to the minimum price of revenue which the entrepreneurs must get
ii] Associated with different levels of employment
iii] Explains that the level of output varies with the level of input
iv] Explains that the level of output varies with the level of employment
a. Only i and ii
b. Only i and iii
c. Only iii and iv
d. Only i and iv
