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In the case of a giffen good, the income effect:

A. Is equal to the substitution effect

B. More than offsets the substitution effect

C. Reinforces the substitution effect

D. Only partially offsets the substitution effect

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

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  1. The elasticity of demand is equal to slope of demand function divided by:
  2. The firms in non-cooperative games:
  3. Which of the following statement is wrong?
  4. When was Adam Smiths major work An Enquiry into the Nature and Causes of Wealth of Nations published?
  5. Which of the following pairs of commodities is an example of substitutes?
  6. There is no difference between fixed and variable factors in the:
  7. An indifference curve normally slopes downward from:
  8. A high value of cross-elasticity indicates that the two commodities are:
  9. External economies are witnessed in:
  10. Whish of the following represents the average revenue curve of a firm?
  11. Human wants are:
  12. When price decreases and with it the total outlay on a commodity also decreases, it is a case of:
  13. In the case of a normal goods, the income effect:
  14. An optimum level of a firms output is:
  15. The firm is at equilibrium where:
  16. In Edgeworth model, price remains:
  17. When the consumer is in equilibrium not only his income is fully spent, but the ratio of marginal utility…
  18. If as a result of an increase in prices, total outlay (expenditures) on a commodity decreases, its price-elasticity…
  19. Supply curves are most elastic:
  20. If the price of Pepsi Cola goes down, you would predict:
  21. Increasing returns is not caused by:
  22. Which of the following oligopoly models is concerned with the maximization of joint profits?
  23. The proportionality rule in production requires that the ratios of MP and factor prices are:
  24. Equilibrium of a firm represents maximization of profits as well as:
  25. The price consumption curve (PCC) for commodity X is the locus of points of consumer equilibrium resulting…
  26. Firms average and marginal revenues are equal under:
  27. Law of variable proportions is based on the assumption of:
  28. Abstinence or Waiting theory of Interest was presented by:
  29. The word ECONOMICS is derived from the Greek terms meanings:
  30. Under pure monopoly, there will be: