Home

If a ten percent increase in price causes a ten percent reduction in quantity demanded, elasticity of demand is:

A. Perfectly elastic

B. Elastic

C. Unitary elastic

D. Inelastic

Correct Answer : C.


Download Objective type questions of Basics of Economics PDF

Visit our PDF store

Get all objective type questions of Basics of Economics MCQ

Also checkout these categories

Zoology MCQ Civil Engineering MCQ General Physics MCQ Power Plant Engineering MCQ Phylum - Coelentrata MCQ Phylum - Aves (Birds) MCQ Height and Distance MCQ Chemical Process MCQ Engineering Mechanics MCQ Choosing the correct sentence MCQ Rearrangement Set 13 MCQ Concrete Technology and Design MCQ

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

Submit
Load More..
You can do it
  1. The optimal strategy for a player is termed as:
  2. In Edgeworth model, price remains:
  3. The long-run average cost is based on the fact that:
  4. For the equilibrium of the firm and the industry in the short period in a competitive market, the condition…
  5. The game theory concentrates on:
  6. Dumping is international discriminating:
  7. Income-demand curve shows:
  8. Equilibrium of a firm represents maximization of profits as well as:
  9. The relationship between MC and MP shown by the marginal cost concept is:
  10. The difference between laws of return and laws of return to scale is:
  11. Other things remaining the same, when a consumers income increases his equilibrium point moves to:
  12. In general, most of the production functions measure:
  13. Price discrimination is possible:
  14. Economic problems arise because:
  15. Contracts made by firms in cooperative games are:
  16. In case of complementary factors, the isoquants are:
  17. If the supply curve is not a straight line but curvilinear, the elasticity on all points of the supply…
  18. Law of Substitution in production was presented by:
  19. On an indifference map higher indifference curves show:
  20. A mixed economy is characterized by the coexistence of:
  21. If the production function is homogeneous, the expansion path will be a straight line through the origin…
  22. In monopolistic competition, the firms face:
  23. When elasticity of demand is less than one (e
  24. In second degree price discrimination, monopolist takes away :
  25. Cross-elasticity of demand or cross-price elasticity between two substitutes will be:
  26. The products, under monopolistic competition are differentiated, yet they are:
  27. Chamberline introduces the concept of:
  28. LMC represents change in LTC (long-run total cost) due to producing an additional unit of a good while…
  29. If the demand curve is horizontal then its slope is:
  30. Monopolistic firm can fix: