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

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

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