A decrease in demand lowers the price the most:

A. In the immediate run

B. In the short run

C. When the supply is perfectly elastic

D. When producers have sufficient time to fully adjust to the demand change

Please do not use chat terms. Example: avoid using "grt" instead of "great".

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  1. Supply of a commodity refers to:
  2. With elasticity of demand, the:
  3. The advertisement and other selling activities:
  4. In sweezy model (kinked demand curve model), the role of MC curve:
  5. In the modern theory of costs, the level of production which the firm considers feasible is known as:
  6. The line from the origin to a point on an isoquant shows:
  7. Variable cost includes the cost of:
  8. The cost of one thing in terms of the alternative given up is known as:
  9. The relationship between price effect, income effect and substitution effect is:
  10. In Edgeworth model, prices oscillate between:
  11. When in a market, the number of buyers is very large and the number of sellers is very small, it is…
  12. At a point where a straight line demand curve meets the price axis (Y-axis), the elasticity of demand…
  13. Who introduced the concept of Elasticity of Demand into economic theory?
  14. The Law of Equi-Marginal Utility states:
  15. Who finalized the model of imperfect competition?
  16. Identify the author of The Principles of political Economy and Taxation:
  17. At low prices, demand is likely to be:
  18. The main contribution of Alfred Marshal is in the field of:
  19. A shift in the demand for a product is likely to result from a change in:
  20. If the commodity is normal then fall in price will result in:
  21. Contracts made by firms in cooperative games are:
  22. LMC represents change in LTC (long-run total cost) due to producing an additional unit of a good while…
  23. The firm in cournot model:
  24. If the price of a product falls then quantity demanded tends to increase ceteris paribus because:
  25. A country is advised to devalue (reduce external value of) its currency only when its exports face:
  26. The total utility (TU) curve is:
  27. Indifference curve represents:
  28. Elasticity of Substitution (s) is defined as:
  29. Ordinal approach includes arranging:
  30. If a person behaves against the laws of economics then: