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A good tends to have relatively inelastic demand, if:

A. Close substitutes are available

B. It has a high price

C. It is a luxury

D. It has no very close substitutes

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  1. In centralized cartel, the firms are like:
  2. If a new production technology for producing compact discs is developed and new firms are attracted…
  3. In Prisoners Dillemma, the players are:
  4. All of the following curves are U-Shaped except:
  5. A significant property of the Cobb-Douglas production function is that the elasticity of substitution…
  6. A budget line shows:
  7. The price under perfect competition is settled by:
  8. When the law of demand operates the demand curve:
  9. If the commodity is normal then fall in price will result in:
  10. A budget line shows:
  11. Marginal cost is the cost:
  12. Law of Returns to Scale shows:
  13. Under monopoly and imperfect competition MC is:
  14. Which of the following goods is most likely to be exchanged in a market of local rather than national…
  15. In monopolistic competition, because of difference in choices, the firm charges:
  16. Elasticity (E) expressed by the term, 1>E>0, is:
  17. Identify the factor, which generally keeps the price elasticity of demand for a commodity low:
  18. Monopoly means:
  19. Who first formulated the Marginal Productivity Theory of Distribution?
  20. Utility is a function of:
  21. Under monopolistic competition, in long-run there is:
  22. According to the principle of substitution?
  23. The Chamberline model recognizes mutual:
  24. A monopoly producer usually earns:
  25. Opportunity costs are also known as:
  26. The longer the period of time, the elasticity of supply will be:
  27. The proportional demand curve in monopolistic competition (also in kinked demand curve model), is like…
  28. Engel curves shows that:
  29. Economies of large-scale production:
  30. When total revenue is maximum in monopoly, elasticity of demand is: