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A straight line, downward-sloping demand curve implies that, as price falls, the elasticity of demand:

A. Increases

B. Decreases

C. Remains the same

D. Is zero

Correct Answer : B.


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  1. By reducing the prices of its products below those of its competitors, a perfectly competitive seller:
  2. Demand is elastic when the coefficient of elasticity is:
  3. The slope of budget line shows the price ratios of:
  4. In the long run:
  5. External economies are witnessed in:
  6. Nash equilibrium says:
  7. If as a result of an increase in prices, total outlay (expenditures) on a commodity decreases, its price-elasticity…
  8. To calculate the Economic Profit we must deduct which of the following cost from our total revenues?
  9. Economic laws are:
  10. The slope of the iso-cost line (budget line) is determined by:
  11. The number of sellers in duopoly is:
  12. The Input-Output Analysis was originated by:
  13. The Tit for Tat strategy means cooperation by the 2nd firm if:
  14. Who first used the term Quasi-Rent?
  15. The study of economic theory for the sake of certain objective is called:
  16. In monopolistic competition, the firms face:
  17. The external economies of scale experienced by a firm include the:
  18. Marginal utility means:
  19. The critics of Sweezy model say that kink generates:
  20. In monopolistic competition, the firm take advantage due to customers:
  21. Given a U shaped average cost curve, the relationship between average cost and marginal cost is such…
  22. In monopolistic competition, the firm compete on the basis of:
  23. The budget line is described by each of the following except:
  24. Total variable costs in equation form are:
  25. When a consumer reached at the point of saturation then marginal utility (MU) is:
  26. In economist the term invisible hand is refers to:
  27. Identify the work of T.W.Schultz:
  28. The marginal revenue of a perfectly competitive firm is:
  29. With which of the following concepts is the name of J.M.Keynes particularly associated?
  30. Who introduced the concept of Elasticity of Demand into economic theory?