If elasticity is equal to infinity then demand is:
A) Elastic B) Inelastic C) Perfectly elastic D) Perfectly inelastic
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If elasticity is equal to 0 then demand is:
A) More elastic B) Inelastic C) Perfect inelastic D) None of these
Arch elasticity is also known as——— elasticity:
A) Income elasticity B) Consumption elasticity C) Average elasticity D) Normal …
Point elasticity is used when change in price is:
A) Normal B) Small C) Greater D) All of these
Income elasticity of demand of commodity is defined as responsiveness of its demand due to change in what?
A) Price of thing B) Income of consumer C) Price …
The convex IC shows ———— marginal rate of substitution:
A) Constant B) Variable C) Increasing D) Diminishing
IC shows different combinations of two goods that yield:
A) Different level of satisfaction B) Same level of satisfaction C) …
Cardinal approach theory measures the utility:
A) Qualitatively B) Indifferently C) Quantitatively D) B & C
Who introduced the concept of IC for the first time in 1881?
A) Ricardo B) Francis Edgeworth C) Alfred Marshall D) All of these
IC stands for:
A) Indifferent curve B) Irreversible curve C) Incomplete curve D) …