{"id":55734,"date":"2024-04-16T00:32:27","date_gmt":"2024-04-16T00:32:27","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=55734"},"modified":"2024-04-16T00:32:27","modified_gmt":"2024-04-16T00:32:27","slug":"match-the-following-list-i-list-ii-a-decrease-in-own-price-1-contraction-in-demand-b-unfavourable-change-in-taste-2-extension-in-demand-c-increase-in-own-price-3-decrease-in-demand","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-decrease-in-own-price-1-contraction-in-demand-b-unfavourable-change-in-taste-2-extension-in-demand-c-increase-in-own-price-3-decrease-in-demand\/","title":{"rendered":"Match the following. List-I List-II a. Decrease in own price 1. Contraction in demand b. Unfavourable change in taste 2. Extension in demand c. Increase in own price 3. Decrease in demand"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;a-2, b-1, c-3&#8243; option2=&#8221;a-2, b-3, c-1&#8243; option3=&#8221;a-1, b-2, c-3&#8243; option4=&#8221;a-3, b-2, c-1&#8243; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is: A. a-2, b-1, c-3<\/p>\n<ul>\n<li>A decrease in own price will lead to an extension in demand, as consumers will be able to purchase more of the good at a lower price.<\/li>\n<li>An unfavorable change in taste will lead to a contraction in demand, as consumers will be less willing to purchase the good.<\/li>\n<li>An increase in own price will lead to a decrease in demand, as consumers will be able to purchase less of the good at a higher price.<\/li>\n<\/ul>\n<p>Here is a diagram that illustrates the effect of a decrease in own price on demand:<\/p>\n<p>[Diagram of a demand curve shifting to the right]<\/p>\n<p>As you can see, the demand curve shifts to the right, indicating that consumers are willing to purchase more of the good at a lower price.<\/p>\n<p>Here is a diagram that illustrates the effect of an unfavorable change in taste on demand:<\/p>\n<p>[Diagram of a demand curve shifting to the left]<\/p>\n<p>As you can see, the demand curve shifts to the left, indicating that consumers are less willing to purchase the good.<\/p>\n<p>Here is a diagram that illustrates the effect of an increase in own price on demand:<\/p>\n<p>[Diagram of a demand curve shifting down]<\/p>\n<p>As you can see, the demand curve shifts down, indicating that consumers are willing to purchase less of the good at a higher price.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;a-2, b-1, c-3&#8243; option2=&#8221;a-2, b-3, c-1&#8243; option3=&#8221;a-1, b-2, c-3&#8243; option4=&#8221;a-3, b-2, c-1&#8243; correct=&#8221;option1&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-55734","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Match the following. List-I List-II a. Decrease in own price 1. Contraction in demand b. Unfavourable change in taste 2. Extension in demand c. Increase in own price 3. Decrease in demand<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-decrease-in-own-price-1-contraction-in-demand-b-unfavourable-change-in-taste-2-extension-in-demand-c-increase-in-own-price-3-decrease-in-demand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Match the following. List-I List-II a. Decrease in own price 1. Contraction in demand b. Unfavourable change in taste 2. Extension in demand c. Increase in own price 3. Decrease in demand\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;a-2, b-1, c-3&#8243; option2=&#8221;a-2, b-3, c-1&#8243; option3=&#8221;a-1, b-2, c-3&#8243; option4=&#8221;a-3, b-2, c-1&#8243; correct=&#8221;option1&#8243;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-decrease-in-own-price-1-contraction-in-demand-b-unfavourable-change-in-taste-2-extension-in-demand-c-increase-in-own-price-3-decrease-in-demand\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T00:32:27+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Match the following. 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