PRC-3 · Chapter 10 · Question 50 of 70
Which of the following variables is NOT considered a fixed precondition (ceteris paribus assumption) for the Law of Demand?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) Wages of factory workers
Explanation
Wages of factory workers affect the cost of production and thus shift the *supply* curve. They do not directly determine consumer demand.
More Demand, Supply and Market Equilibrium MCQs
- Q52During the Covid-19 pandemic, the sudden panic buying and massive need for Face Masks caused the demand curve to shift outwards. This is…
- Q53Historically, Pakistan’s power sector originally consisted of which two massive Government-owned utilities?
- Q54The Karachi Electric Supply Corporation (KESC) was officially privatized and later rebranded as K-Electric in which year?
- Q55During reforms, WAPDA was functionally unbundled into multiple generation companies (GENCOs), distribution companies (DISCOs), and one…
- Q56In the structural power supply value chain, the 'upstream' component specifically refers to: