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Formulation of an economic theory involves:

A. Statements of various assumptions or postulates

B. Logical deductions from the assumptions made

C. Testing the hypothesis against empirical evidence

D. All of the above

Please do not use chat terms. Example: avoid using "grt" instead of "great".

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  1. In the case of an inferior commodity, the income-elasticity of demand is:
  2. A demand curve is not related to:
  3. In constant sum game (zero sum game), if there are two parties then:
  4. If the commodities X and Y are perfect substitutes then:
  5. A maximin strategy:
  6. In short run, a firm can change its:
  7. When in a market, the number of buyers is very large and the number of sellers is very small, it is…
  8. On the total utility curve the economically relevant range is the portion over which:
  9. In case of complementary factors, the isoquants are:
  10. If a straight line supply curve makes an intercept on the Y-axis, elasticity of supply is:
  11. At a point above the middle of a straight line demand curve, elasticity of demand is:
  12. According to Diamond Water Paradox diamonds are more expensive than water because:
  13. With the expansion of output, the short run average cost curve, beyond a point, starts rising because:
  14. Elasticity (E) expressed by the term, 8 >E>1, is:
  15. The optimal strategy for a player is termed as:
  16. All of the following curves are U-Shaped except:
  17. If the slope of the isoquant is equal to the slope of isocost, then isoquant is:
  18. At a point below the middle of a straight line demand curve, elasticity of demand is:
  19. The cobweb model will convergent when the slope of:
  20. Supply of commodity is a:
  21. Now-a-days in real life, we are unable to fined:
  22. The Substitution Effect (S.E) is always:
  23. When the consumer is in equilibrium not only his income is fully spent, but the ratio of marginal utility…
  24. For the given production function, technical inefficiency is defined as:
  25. If the demand curve is horizontal then its slope is:
  26. In long run competitive equilibrium:
  27. The long run average cost curve is:
  28. According to Chamberline, in monopolistic competition, differentiation is determined by:
  29. In the case of a giffen good, the income effect:
  30. The CES production function shows: