Business Economics - Business Economics Section 1

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41. Statements
(i) The law of demand always operates in the case of superior goods.
(ii) The substitution effect is always positive

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42. Cobb-Douglas production function in its initial form has the following properties

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43. Demand curve was drawn with empirical evidence by

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44. Return to scale involve variations in the quantities of the various factors of production
(1) Simultaneously, and/ or
(2) Proportionately

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45. Match List-I with List-II and select the correct answer using the codes given below the lists:

List-IList-II
a. Loyal customer's productsl. Less attention 
b. Loyal customers are sensitive II. Cheaper
c. Loyal customers pay to competitors advertising III. Less priced
d. serving an existing customer is IV. Buy More

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