Income-elasticity of demand is expressed as:

A. % change in quantity demanded % change in income

B. % change in income % change in quantity demanded

C. Change in income Change in quantity demanded

D. None of the above

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  1. Labor Saving Technological Progress can be defined as:
  2. Under the perfect competition, the transportation cost:
  3. In price leadership, like leader, the follower firm may:
  4. Engel curves shows that:
  5. The ordinary demand curve is also called:
  6. Which form of market structure is characterized by interdependence in decision-making as between the…
  7. The demand curve in monopolistic competition (also in kinked demand curve model), which shows the share…
  8. Loanable funds theory of Interest was developed by:
  9. At a point above the middle of a straight line demand curve, elasticity of demand is:
  10. Which of the following is assumed to be constant when a supply curve is drawn:
  11. The arc elasticity is the measure of average elasticity at the mid-point of the chord and connects:
  12. The MRTS along an iso-quant goes on to:
  13. If a person behaves against the laws of economics then:
  14. Inputs or Factors of production are defined as:
  15. A shift in the demand for a product is likely to result from a change in:
  16. Isocost line shows the combinations of labor and capital where a firms budget is:
  17. The line from the origin to a point on an isoquant shows:
  18. In case of budget line, we get pairs of two goods where consumers income is:
  19. The Substitution Effect (S.E) is always:
  20. If the price of Pepsi Cola goes down, you would predict:
  21. A budget line shows:
  22. At high prices, demand is likely to be:
  23. Repetition of a game (Repeated Game):
  24. The law of Diminishing Marginal Utility implies that the marginal utility of a good decreases as:
  25. In monopoly:
  26. Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity…
  27. When there is decrease in demand the demand curve:
  28. The cost of firms in cournot model are:
  29. Income -elasticity of demand will be zero when a given change in income brings about:
  30. The cournot model is a model of: