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Demand of a commodity is elastic when:

A. Change in its price causes a proportionately greater change in its quantity demanded

B. Change in its price does not change its quantity demanded

C. Change in consumers income causes change in demand

D. None of the above

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  1. Microeconomics deals with the:
  2. The long run total cost is attained by:
  3. The firm producing at the minimum point of the AC curve is said to be:
  4. At a point below the middle of a straight line demand curve, elasticity of demand is:
  5. Whish of the following represents the average revenue curve of a firm?
  6. The act of producing the output from more than one plant is concerned with:
  7. In monopolistic competition, the aim of the firm is to:
  8. The production function of homogeneous of degree one (n=1) is also called:
  9. If a consumer buys a product that costs Rs.3 and provides an additional 18 units of satisfaction, then…
  10. The demand of the necessities is:
  11. In cournot model, firms sell:
  12. MC = MR = AC = AR shows the long run equilibrium position of the:
  13. In the case of an inferior commodity, the income-elasticity of demand is:
  14. The number of firms in monopolistic competition normally range between:
  15. The slope of indifference curve shows:
  16. Implicit costs are the costs:
  17. In real life, brand loyalty is a barrier to:
  18. Consumers Surplus can also be defined as:
  19. The MRTS along an iso-quant goes on to:
  20. The effects according to which people use those goods which are concerned with distinctive standard…
  21. When at a given price, the quantity demanded of a commodity is more than the quantity supplied, there…
  22. When the slope of a demand curve is infinite (also known as horizontal demand curve) then elasticity…
  23. The main contribution of Prof. Lord Keynes is in the field of:
  24. The short-run supply curve of the perfectly competitive firm is given by:
  25. Cartel is associated with:
  26. The partial equilibrium model keeps other things:
  27. Regarding economic decisions, economics of uncertainty identifies:
  28. The equilibrium level of output for the pure monopolist is where:
  29. One way the government can induce a monopolist to expand his output is by imposing:
  30. Extension (expansion) and contraction of demand are result of: