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Business Economics - Business Economics MCQ

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46. Price elasticity is computed by

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47. Income elasticity is computed by

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48. Put into chronological order on the basis of development:
l. Law of demand

2. Law of indifference

3. Law of diminishing marginal utility

4. Revealed preference curve

5. Indifference curve

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49. Other things remaining the same, when a consumer's income increases, his equilibrium point moves to

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50. Law of diminishing marginal utility is based on the assumption that
a. Tastes change over time

b. Consumption is continuous

c. Different units of goods consumed are homogeneous
 Of these statements:

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Business Economics MCQ