A. | Precious product |
B. | Inferior goods |
C. | Normal goods |
D. | Giffen goods |
Option: D Explanation : Click on Discuss to view users comments. |
A. | Only (i) and (ii) |
B. | Only (ii) and (iii) |
C. | Only (i) and (iii) |
D. | Only (i) |
Option: B Explanation : Click on Discuss to view users comments. |
The monopolist faces
A. |
A downward sloping average revenue curve
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B. | A downward sloping demand curve |
C. | Both (a) & (b) |
D. | None of the above |
Option: C Explanation : Click on Discuss to view users comments. |
Which of the following statement is true
A. |
In case of inferior good, the income effect is negative, although the substitution effect is positive.
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B. |
In inferior goods, the income and substitution effects are positive
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C. |
In interior goods, the income and substitution effects are negative
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D. |
In case of inferior goods, the income effect is positive although the substitution effect is negative.
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Option: A Explanation : Click on Discuss to view users comments. |
The law of variable proportions is
A. |
also called law of non-proportional returns
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B. | also called law of proportionality |
C. |
wider and includes law of increasing returns, law of decreasing returns & law of constant return as three phases
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D. | All of the above |
Option: D Explanation : Click on Discuss to view users comments. |