MCQS ON HICKS AND MARSHALL DEMAND ANALYSIS 1. What are the two types of demand functions that are named after Marshall and Hicks respectively? - A) Compensated and uncompensated demand - B) Ordinary and compensated demand - C) Direct and indirect demand - D) Substitution and scale demand - Answer: B) Ordinary and compensated demand 2. What are the four conditions that make the own-wage elasticity of demand for a category of labour high according to the Hicks-Marshall laws of derived demand? - A) High price elasticity of demand for the product, high substitutability of other factors of production, high supply elasticity of other factors of production, and high labour cost share of total production cost - B) Low price elasticity of demand for the product, low substitutability of other factors of production, lo...
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