For the following two statements of Assertion (A) and Reasoning (R), indicate the correct code:
Assertion (A): The quantity of a commodity demanded invariably changes inversely to changes in its price.
Reasoning (R) : The price effect is the net result of the positive substitution effect and negative income effect.
| A. | (A) and (R) both are correct. |
| B. | (A) is correct but (R) is incorrect. |
| C. | (A) is incorrect but (R) is correct. |
| D. | (A) and (R) both are incorrect. |
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Option: C Explanation : Click on Discuss to view users comments. |
| A. | maximu.m physical output level |
| B. | average output level over a period |
| C. | break-even output and sales level |
| D. | output level that equates the average and the marginal costs |
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Option: D Explanation : Click on Discuss to view users comments. |
| A. | (i) (iii) (iv) (ii) |
| B. | (iii) (i) (iv) (ii) |
| C. | (ii) (iii) (i) (iv) |
| D. | (iv) (ii) (iii) (i) |
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Option: A Explanation : Click on Discuss to view users comments. |
| A. | more than unity |
| B. | equal to unity |
| C. | equal to a fraction of unity |
| D. | equal to zero |
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Option: D Explanation : Click on Discuss to view users comments. |
| A. | (iv) (iii) (ii) (i) |
| B. | (iii) (iv) (i) (ii) |
| C. | (ii) (iii) (iv) (i) |
| D. | (i) (ii) (iii) (iv) |
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Option: B Explanation : Click on Discuss to view users comments. |
