If demand is unitary elastic, a 25% increase in price will result in
If demand is unitary elastic, a 25% increase in price will result in
The producer's demand for a factor of production is governed by the ____ of the factor.
The producer's demand for a factor of production is governed by the ____ of the factor.
This is an assumption of law of demand
This is an assumption of law of demand
In which of the following market structure is the degree of control over the price of its product by a firm very large?
In which of the following market structure is the degree of control over the price of its product by a firm very large?
Demand for a commodity refers to a
Demand for a commodity refers to a
Other things equal, if a good has more substitutes, its price elasticity of demand is
Other things equal, if a good has more substitutes, its price elasticity of demand is
Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its
Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its
Identify the aspect of taxation which is related to normative economics
Identify the aspect of taxation which is related to normative economics
According to Joseph Schumpeter, profit is the reward for
According to Joseph Schumpeter, profit is the reward for
The following are causes of shift in demand EXCEPT
The following are causes of shift in demand EXCEPT
Who defined Economics as a 'science which studies human behaviour as a relationship betweeen ends and means which have alternative uses'?
Who defined Economics as a 'science which studies human behaviour as a relationship betweeen ends and means which have alternative uses'?
An economic theory is
An economic theory is
If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to
If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to
Which of the following is NOT a feature of iso-product curve? Iso-product curves
Which of the following is NOT a feature of iso-product curve? Iso-product curves
When price is below equilibrium level, there will be
When price is below equilibrium level, there will be
Price and demand are positively correlated in case of
Price and demand are positively correlated in case of
Income elasticity of demand for normal goods is always
Income elasticity of demand for normal goods is always
When demand is perfectly inelastic, an increase in price will result in
When demand is perfectly inelastic, an increase in price will result in
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
What is meant by Autarky in international trade?
What is meant by Autarky in international trade?
Which one is the assumption of law of demand
Which one is the assumption of law of demand
If demand is inelastic, a change in the price
If demand is inelastic, a change in the price
An increase in the supply of a commodity is caused by
An increase in the supply of a commodity is caused by
A mixed economy is characterized by the co-existence of
A mixed economy is characterized by the co-existence of
Who propounded the opportunity cost theory of international trade?
Who propounded the opportunity cost theory of international trade?
If regardless of changes in its price, the quantity demanded of a commodity remains unchanged, then the demand curve for the commodity will be
If regardless of changes in its price, the quantity demanded of a commodity remains unchanged, then the demand curve for the commodity will be
The cost of one thing in terms of the alternative given up is called
The cost of one thing in terms of the alternative given up is called
An individual demand curve slopes downward to the right because of the
An individual demand curve slopes downward to the right because of the
A decrease in demand causes the equilibrium price to
A decrease in demand causes the equilibrium price to
When cross elasticity of demand is a large positive number, one can conclude that
When cross elasticity of demand is a large positive number, one can conclude that
If the demand for a commodity is inelastic, an increase in its pice will cause the total expenditure of the consumers of the commodity to
If the demand for a commodity is inelastic, an increase in its pice will cause the total expenditure of the consumers of the commodity to
If elasticity of demand is very low, it shows that the commodity is
If elasticity of demand is very low, it shows that the commodity is
Mr. Raees Ahamd bought 50 litres of petrol when his monthly income was Rs.25000. Now his monthly income has risen to Rs.50,000 and he purchases 100 litres of petrol. His income elasticity of demand for petrol is
Mr. Raees Ahamd bought 50 litres of petrol when his monthly income was Rs.25000. Now his monthly income has risen to Rs.50,000 and he purchases 100 litres of petrol. His income elasticity of demand for petrol is
Law of demand shows relation between
Law of demand shows relation between
A firm under perfect competition is
A firm under perfect competition is
What is the shape of the average fixed cost (AFC) curve?
What is the shape of the average fixed cost (AFC) curve?
When price elasticity of demand for normal goods is calculated, the value is always
When price elasticity of demand for normal goods is calculated, the value is always
In order to control credit, Reserve Bank of India should
In order to control credit, Reserve Bank of India should
Which among the following statement is INCORRECT?
Which among the following statement is INCORRECT?
Contraction of demand is the result of
Contraction of demand is the result of
Which among the following statement is INCORRECT?
Which among the following statement is INCORRECT?
Which one of the following pairs of commodities is an example of substitutes?
Which one of the following pairs of commodities is an example of substitutes?
Some economists refer to iso-product curves as
Some economists refer to iso-product curves as
Which statistical measure helps in measuring the purchasing power of money?
Which statistical measure helps in measuring the purchasing power of money?
If quantity demanded is completely unresponsive to changes in price, demand is
If quantity demanded is completely unresponsive to changes in price, demand is
The elasticity of demand of durable goods is
The elasticity of demand of durable goods is
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
Fisher's ideal index number is
Fisher's ideal index number is
In which form of the market structure is the degree of control over the price of its product by a firm very large?
In which form of the market structure is the degree of control over the price of its product by a firm very large?
Number of times a unit of money changes hands in the course of a year is called
Number of times a unit of money changes hands in the course of a year is called
Which is a condition for existence of monopoly?
Which is a condition for existence of monopoly?
Which is the other name that is given to the average revenue curve?
Which is the other name that is given to the average revenue curve?
Price of a product is determined in a free market by
Price of a product is determined in a free market by
In the case of a straight-line demand curve meeting the two axes, the price-elasticity of demand at the mid-point of the line would be
In the case of a straight-line demand curve meeting the two axes, the price-elasticity of demand at the mid-point of the line would be
Which one of the following is the condition of equilibrium for the monopolist?
Which one of the following is the condition of equilibrium for the monopolist?
Under conditions of perfect competition in the product market
Under conditions of perfect competition in the product market
In case of monopoly
In case of monopoly
The horizontal demand curve parallel to x-axis implies that the elasticity of demand is
The horizontal demand curve parallel to x-axis implies that the elasticity of demand is
Assume that consumer's income and the number of sellers in the market for good X both falls. Based on this information, we can conclude with certaintty that the equilibrium
Assume that consumer's income and the number of sellers in the market for good X both falls. Based on this information, we can conclude with certaintty that the equilibrium
Demand for factors of production is
Demand for factors of production is
Which of the following markets comes closest to perfect market?
Which of the following markets comes closest to perfect market?
If price and total revenue move in the same direction, then demand is
If price and total revenue move in the same direction, then demand is
The offer curves introduced by Alfred Marshall, helps us to understand how the ___ is established in international trade.
The offer curves introduced by Alfred Marshall, helps us to understand how the ___ is established in international trade.
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
In case of perfect competition in the market
In case of perfect competition in the market
The capital that is consumed by an economy or a firm in the production process is known as
The capital that is consumed by an economy or a firm in the production process is known as
Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in its price
Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in its price
When equilibrium price rises but equilibrium quantity remains unchanged, the cause is
When equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Which of the following is Microeconomics concerned with?
Which of the following is Microeconomics concerned with?
The cost on one thing in terms of the alternative given up is known as
The cost on one thing in terms of the alternative given up is known as
____ is the official minimum rate at which the Central Bank of a country is prepared to rediscount approved bills held by the commercial banks
____ is the official minimum rate at which the Central Bank of a country is prepared to rediscount approved bills held by the commercial banks
Under which of the following forms of market structure does a firm have no control over the price of its product?
Under which of the following forms of market structure does a firm have no control over the price of its product?
The situation of monopolistic competition is created by
The situation of monopolistic competition is created by
The budget line is also known as the
The budget line is also known as the
According to M. Kalecki, the true measure of the degree of monopoly power is the
According to M. Kalecki, the true measure of the degree of monopoly power is the
Which one is not a assumption of the theory of demand based on analysis of indifference curves?
Which one is not a assumption of the theory of demand based on analysis of indifference curves?
Which of the following is one of the assumptions of perfect competition?
Which of the following is one of the assumptions of perfect competition?
Income elasticity of demand is defined as the responsiveness of
Income elasticity of demand is defined as the responsiveness of
Normally a demand curve will have the shape
Normally a demand curve will have the shape
Which of the following is also known as plant curves?
Which of the following is also known as plant curves?
Which among the following is a function of the Reserve Bank of India?
Which among the following is a function of the Reserve Bank of India?
Which of the following is not an essential condition of pure competition?
Which of the following is not an essential condition of pure competition?
Discriminating monopoly implies that the monopolist charges different prices for its commodity
Discriminating monopoly implies that the monopolist charges different prices for its commodity
Which is the first-order condition for the profit of a firm to be maximum?
Which is the first-order condition for the profit of a firm to be maximum?
Zubair has a special taste for college canteen's hotdogs. The owner of the canteen doubles the prices of hotdogs. Zubair did not respond to the increase in prices and kept on demanding the same quantity of hotdogs. His demand for hotdogs is
Zubair has a special taste for college canteen's hotdogs. The owner of the canteen doubles the prices of hotdogs. Zubair did not respond to the increase in prices and kept on demanding the same quantity of hotdogs. His demand for hotdogs is
Demand is a function of
Demand is a function of
The supply of a good refers to
The supply of a good refers to
What is the shape of the demand curve faced by a firm under perfect competition?
What is the shape of the demand curve faced by a firm under perfect competition?
Total utility is maximum when
Total utility is maximum when
Which among the following statement is INCORRECT?
Which among the following statement is INCORRECT?
Microeconomics deals with the
Microeconomics deals with the
In the case of an inferior good, the income elasticity of demand is
In the case of an inferior good, the income elasticity of demand is
All but one of the following are assumed to remain the same while drawing an individual's demand curve for a commodity. Which one is it?
All but one of the following are assumed to remain the same while drawing an individual's demand curve for a commodity. Which one is it?
Who is the 'lender of the last resort' in the banking structure of India?
Who is the 'lender of the last resort' in the banking structure of India?
A rise in supply and demand in equal proportion will result in
A rise in supply and demand in equal proportion will result in
Ten rupees is the equilibrium price for good X. If government fixes the price at Rs.5, there is
Ten rupees is the equilibrium price for good X. If government fixes the price at Rs.5, there is
The economist's objections to monopoly rest on which of the following grounds?
The economist's objections to monopoly rest on which of the following grounds?
Credit creation power of the commercial banks gets limited by which of the following?
Credit creation power of the commercial banks gets limited by which of the following?
Price discrimination will be profitable only if the elasticity of demand in different markets into which the total market has been divided is
Price discrimination will be profitable only if the elasticity of demand in different markets into which the total market has been divided is
The major difference between perfect competition and monopolistic competition is
The major difference between perfect competition and monopolistic competition is
