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Question

Match the items of List-I with those in List-II and select the correct code for the answer:

List-IList-II
(a) Contraction of Demand(i) Non-Price change effect
(b) Decrease in Demand(ii) Demand curve remains the same
(c) Increase in Demand(iii) Price change effect
(d) Expansion of Demand(iv) Shifts the Demand curve

A
(a)(iii),(b)(i),(c)(iv),(d)(ii)
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B
(a)(iv),(b)(iii),(c)(ii),(d)(i)
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C
(a)(i),(b)(ii),(c)(iii),(d)(iv)
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D
(a)(ii),(b)(iv),(c)(i),(d)(iii)
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Solution

The correct option is D (a)(iii),(b)(i),(c)(iv),(d)(ii)
a) Contraction of demand matches with price change effect, since contraction of demand refers to a situation when the demand decreases because of only price change.

b) Decrease in demand matches with non--price change effect since decrease of demand refers to a situation when the demand decreases because of change in other factors, other than price.

c) Increase in demand causes shifts in demand curve since increase of demand refers to a situation when the demand increases because of change in other factors, other than price.

d) Expansion of demand causes demand curve to remain same, since Expansion of demand refers to a situation when the demand increases because of only price change.



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