If the commodities X and Y are perfect substitutes then:



C. >

D. None of the above

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  1. Extension (expansion) and contraction of demand are result of:
  2. Who is the author of Problems of Capital Formation in Underdeveloped Countries?
  3. If there are many producers, each of whom has an individual production possibility curve, then the lowest…
  4. The production process is:
  5. An effective price ceiling usually results in:
  6. A high value of cross-elasticity indicates that the two commodities are:
  7. The model which gives us information about price and output changes in different periods is:
  8. The point on which the average cost is minimum in a firm, short run average cost curve will also be…
  9. The vertical distance between TVC and TC is equal to:
  10. The price consumption curve (PCC) for commodity X is the locus of points of consumer equilibrium resulting…
  11. If X and Y are close substitutes, a rise in the price of X will lead to:
  12. In Revealed Preference Theory, Samuelson proves P.E = S.E + I.E :
  13. The demand curve in monopolistic competition (also in kinked demand curve model), which shows the share…
  14. One common definition of a luxury good is a good with income elasticity:
  15. Cross-elasticity of demand is measured as:
  16. The normal long-run average cost curve is influenced by the:
  17. When a consumer is satisfied with his spending pattern, he is said to be in:
  18. In the short-run, in which one of the following situations would a competitive seller close down (shut-down)?
  19. When AC curve falls, MC curve falls:
  20. According to Cobb-Douglas, in production function the marginal product of labor is:
  21. If a firm produces zero output in the short period then which statement is true?
  22. Income -elasticity of demand will be zero when a given change in income brings about:
  23. The Substitution Effect (S.E) is always:
  24. Moving along the indifference curve leaves the consumer:
  25. When total product (TP) is maximum:
  26. The marginal revenue of a perfectly competitive firm is:
  27. Identify the author of The Social Framework:
  28. The Law of Equi-Marginal Utility states:
  29. At a point where a straight line demand curve meets the price axis (Y-axis), the elasticity of demand…
  30. Technological Progress (Invention) can be defined as: