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If as a result of an increase in prices, total outlay (expenditures) on a commodity decreases, its price-elasticity of demand is:

A. Perfect elastic (infinitely elastic)

B. Relatively elastic (greater than one elasticity)

C. Unit elastic

D. Relatively inelastic (less than one elasticity)

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  17. Change in demand refers to:
  18. When there is decrease in demand the demand curve:
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  29. The main contribution of Adam Smith is in the field of:
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