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If X and Y are close substitutes, a fall in price of X will lead to:

A. Increase in demand for Y

B. Decrease in demand for Y

C. Increase in demand for both X and Y

D. Increase in demand for Y

Correct Answer : B.


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  1. Demand is elastic when the coefficient of elasticity is:
  2. Identify the factor, which generally keeps the price elasticity of demand for a commodity low:
  3. Profits of a firm will be calculated taking into account the units produced and the difference between:
  4. When the income of consumer increases then budget line will:
  5. To attain maximum profits during short-run a firm should produce the output that will:
  6. Microeconomics is also known as:
  7. The main contribution of Prof.Robbins is in the field of:
  8. The main contribution of Prof. Lord Keynes is in the field of:
  9. Which of the following is the work of A.C.Pigou?
  10. In monopoly and perfect competition, TC curves are:
  11. Total utility:
  12. Price discrimination is possible:
  13. Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity…
  14. The normal long-run average cost curve is influenced by the:
  15. In 1932, The nature and significance of economic science was written by:
  16. Isocost line shows the combinations of labor and capital where a firms budget is:
  17. The equilibrium of a firm is determined by the equality of MC and MR in only:
  18. The falling part of total Utility (TU) curve shows:
  19. When a consumer is satisfied with his spending pattern, he is said to be in:
  20. Who wrote An Introduction to Positive Economics?
  21. The vertical distance between TVC and TC is equal to:
  22. For the equilibrium of the firm and the industry in the short period in a competitive market, the condition…
  23. The slope of the iso-cost line (budget line) is determined by:
  24. On all points of budget (price) line:
  25. Because the price elasticity of demand for OPEC oil is approximately .08, in order to increase revenues…
  26. Neutral Technological Progress can be defined as:
  27. The proportionality rule in production requires that the ratios of MP and factor prices are:
  28. Diseconomies of management lead to:
  29. The long run total cost is attained by:
  30. In case of budget line, we get pairs of two goods where consumers income is: