Income-Elasticity of demand will be zero when a given change in income brings about
A. | The same proportionate change in demand |
B. | A more than proportionate change in quantity demanded |
C. | A less than proportionate change in quantity demanded |
D. | No change in demand |
Option: D Explanation : Click on Discuss to view users comments. |
The following table shows the various combinations of labour (L) and capital (K) and the resulting outputs
Combination Output (units)
1L + 1K 200
2L + 2K 400
3L + 3K 600
4L + 4K 800
5L + 5K 1000
This table shows the
A. | Constant returns to scale |
B. | Increasing returns to scale |
C. | Diminishing returns to scale |
D. | None of the above |
Option: A Explanation : Click on Discuss to view users comments. |
When AR is falling, MR will be
A. | More than AR |
B. | Less than AR |
C. | Equal to AR |
D. | Either more or equal to AR |
Option: B Explanation : Click on Discuss to view users comments. |