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At a point below the middle of a straight line demand curve, elasticity of demand is:

A. Less than one

B. Equal to one

C. More than one

D. Equal to infinity

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  1. The study of economics just in theoretical way is called:
  2. If the demand curve is inelastic then:
  3. A firm can never produce in the middle area of input space, in case of:
  4. In the case of an inferior good, the income effect:
  5. For a few products such as insulin for diabetics,:
  6. A monopolist is:
  7. In Prisoners Dillemma, the players are:
  8. The vertical distance between TVC and TC is equal to:
  9. Price mechanism has also given the name:
  10. At the point where the straight line from the origin is tangent to the TC curve, AC is:
  11. In monopolistic competition, the firms follow:
  12. On all points of budget (price) line:
  13. The number of sellers in oligopoly are:
  14. If as a result of an increase in prices, total outlay (expenditures) on a commodity decreases, its price-elasticity…
  15. The number of sellers in oligopoly are:
  16. According to marginalistic rule, the profit maximization hypothesis requires:
  17. AR curve under perfect competition:
  18. If both demand and supply were to increase then:
  19. In cournot model, each firm expects a reaction from his rival but the expected reaction is not:
  20. Total profits are maximized at the point where:
  21. Cournot equilibrium is attained where two reaction curves:
  22. If there are many firms producing similar but differentiated products, the competition is generally…
  23. If demand increased and supply decreased then:
  24. The ordinal approach was presented by:
  25. In 1776, a famous book An enquiry into the nature and causes of the wealth of nation was written by:
  26. A producer attains the least cost combination when the relation between Marginal Rate of Technical Substitution…
  27. Indifference curves are downward sloping and are drawn bowed toward the origin (convex to the origin)…
  28. In second degree price discrimination, monopolist takes away :
  29. In centralized cartel, the firms are like:
  30. Equilibrium of a firm represents maximization of profits as well as: