If the commodity is normal then price effect is:

A. Negative

B. Inverse

C. Positive

D. Both (a) and(b)

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  1. The study of economic theory for the sake of certain objective is called:
  2. When total product (TP) is maximum:
  3. The cost that a firm incurs in purchasing or hiring any factor of production is referred to as:
  4. In the real world, some competitive firms owns specialized resources that earn a return called:
  5. In case of short-run, the supply curve of an industry is the horizontal summation of:
  6. In non-constant sum game (non-zero sum game), if there are two parties then:
  7. Whish of the following represents the average revenue curve of a firm?
  8. In monopoly, new firms:
  9. The slope of budget line shows the price ratios of:
  10. When sales tax is imposed on monopolist, its:
  11. A significant property of the Cobb-Douglas production function is that the elasticity of substitution…
  12. Who is the author of Problems of Capital Formation in Underdeveloped Countries?
  13. Theory of revealed preference is based on:
  14. Each firm in cournot model assumes that its competitor will:
  15. Market demand curve is:
  16. In monopoly:
  17. Stable cobweb model is a:
  18. The minimization of costs subject to output requires equilibrium at the lowest:
  19. We can find total utility by:
  20. The firm in cournot model:
  21. Price-taker firms:
  22. An inferior good/ commodity is inferior for:
  23. Production function relates:
  24. Indifference curve approach (ordinal approach) is superior to utility approach (cardinal approach) because:
  25. Because the price elasticity of demand for OPEC oil is approximately .08, in order to increase revenues…
  26. At high prices, demand is likely to be:
  27. Labor theory was firstly rejected by:
  28. The situation of single buyer and single seller is called:
  29. Demand for a commodity is elastic when it has
  30. The Purchasing Power Parity (PPP) Theory is presented by: