Managerial Economics and Ethics - Managerial Economics Quiz
22. The Law of variable proportions comes into being when
- Option : B
- Explanation :
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| (A) Cardinal approach | 1. Marginal utility |
| (B) Ordinal approach | 2. Alfred Marshall |
| (C) Hicks-Allen approach | 3. J.R. Hicks |
| (D) Consumer's surplus | 4. Indifference curve |
| 5. Revealed preference theory |
- Option : B
- Explanation :
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- Option : C
- Explanation :
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25. In case the two commodities are good substitutes, cross-elasticity will be
- Option : A
- Explanation :
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