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Elasticity (E) expressed by the term, 1>E>0, is:

A. Perfectly elastic

B. Relatively elastic

C. Unitary elastic

D. Relatively inelastic

Correct Answer : D.


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  1. The substitution effect works to encourage a consumer to purchase more of a product when the price of…
  2. In the long-run competitive equilibrium:
  3. If the demand curve remains unchanged and supply increases, the price will:
  4. Elasticity of supply means change in supply due to change in:
  5. With which of the following concepts is the name of J.M.Keynes particularly associated?
  6. According to Robbins, economics is a:
  7. When a consumer reached at the point of saturation then marginal utility (MU) is:
  8. According to Smith, by value we mean the value with respect to use, and the price we mean the value…
  9. In cournot model, each firm expects a reaction from his rival but the expected reaction is not:
  10. All of the following curves are U-Shaped except:
  11. A vertical supply curve parallel to the price axis implies that the elasticity of supply is:
  12. The partial equilibrium model keeps other things:
  13. When the demand curve is rectangular hyperbola, it represents:
  14. In which case the elasticity shown by the different points of a curve is the same?
  15. The water diamond paradox was firstly resolved with the help of:
  16. For the given production function, technical efficiency is defined as:
  17. If the factors have to be employed in a fixed ratio, then the elasticity of substitution under Leontief…
  18. Most of the supply curves with which the average consumer deals are:
  19. On all points of budget (price) line:
  20. The monopolist often lead to exploitation of:
  21. In the long run:
  22. If the consumers expect that the price of computers will decrease in next year then:
  23. The necessary condition of firms equilibrium requires:
  24. In second degree price discrimination, monopolist takes away :
  25. Under Bandwagon effects, people use those goods which are used by their:
  26. The main contribution of Malthus is in the field of:
  27. The Law of Equi-Marginal Utility refers to:
  28. Government planners play a central role in allocating resources:
  29. The equilibrium of a firm is determined by the equality of MC and MR in only:
  30. In the long run average costs curve, a firm can change: