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If the commodity is inferior then the Income Effect (I.E) and the Substitution Effect (S.E):

A. Both move together and reinforce each other

B. One moves and the other remains constant

C. Move in the opposite direction and neutralize each other

D. Both remain constant

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  2. If the commodities X and Y are perfect substitutes then:
  3. A vertical supply curve parallel to the price axis implies that the elasticity of supply is:
  4. The difference between the average total cost and average variable cost as output increases will:
  5. Rent is a creation of value, not of wealth who made this observation?
  6. In cournot model, during the process of adjustment, the number of firms:
  7. The marginal revenue of a perfectly competitive firm is:
  8. Income distribution effects:
  9. The isoquant approach is based upon:
  10. External economies are witnessed in:
  11. If the commodity is normal then price effect is:
  12. If the increase in demand is more than the increase in supply, the price will:
  13. Short run cost curves are influenced by:
  14. Profits of a firm will be calculated taking into account the units produced and the difference between:
  15. The partial equilibrium model keeps other things:
  16. If in the long run, output increases in the same proportion as increase in all the input in the given…
  17. Moving along an indifference curve leaves the consumer:
  18. A budget line shows:
  19. A demand curve is not related to:
  20. In case of monopoly, the price charged against the additional unit is:
  21. Which of the following is an implicit cost of production?
  22. By scarcity the economist means that all goods are scarce relative the peoples:
  23. When was Adam Smiths major work An Enquiry into the Nature and Causes of Wealth of Nations published?
  24. All of the following are capital resources except:
  25. If as a result of a decrease in price, total outlay (expenditures) on a commodity increases, its price-elasticity…
  26. If the price of Pepsi Cola goes down, you would predict:
  27. Total profits are maximized at the point where:
  28. In monopolistic competition, the individual demand curve is also known as:
  29. The concept of product differentiation was firstly introduced by:
  30. Ordinal approach includes arranging: