Price elasticity of demand can be measured in the following way:

A. Percentage change in quantity demanded of a commodity divided by percentage change in price of that commodity

B. Change in quantity demanded of a commodity divided by change in price of that commodity

C. Percentage change in price of a commodity divided by percentage change in quantity demanded of that commodity

D. None of that commodity

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  1. When price decreases and with it the total outlay on a commodity also decreases, it is a case of:
  2. Total profits are maximized at the point where:
  3. Under which of the following forms of the market structure does a firm have no control over the price…
  4. The maximization of output subject to cost requires equilibrium at the:
  5. Who is the founder of classical school of thought?
  6. The coefficient of the price elasticity of demand is computed as the absolute value of the percentage…
  7. If by doubling all inputs in the long run output is less than double, it is a case of:
  8. In monopoly, new firms:
  9. The cost curves of the firm shift due to changes in:
  10. If demand is elastic and supply is inelastic then the burden of a tax on the good will be:
  11. Variable costs refer to:
  12. Contraction of demand means:
  13. The marginal revenue of a perfectly competitive firm is:
  14. A fall in demand for the product under monopolistic competition will likely result in:
  15. On a straight line demand curve, elasticity of demand at the midpoint is:
  16. With which of the following concepts is the name of J.M.Keynes particularly associated?
  17. The firm is at equilibrium where:
  18. In economics, Externality means:
  19. The falling part of total Utility (TU) curve shows:
  20. In repeated game, the Prisoners Dillemma can have a:
  21. The basic subject matter of economics is:
  22. When elasticity of demand is one (e=1), then following the formula MR=P[1-1/e], the MR will:
  23. Which of the following does not have a uniform elasticity of demand at all points?
  24. Moving along an indifference curve leaves the consumer:
  25. If production increases under increasing returns to scale, the cost will:
  26. Because the price elasticity of demand for OPEC oil is approximately .08, in order to increase revenues…
  27. Which of the following is not an explicit cost of production?
  28. If two goods are complements then indifference curve (IC) will be:
  29. When the consumer is in equilibrium not only his income is fully spent, but the ratio of marginal utility…
  30. The Cambridge School of Thought refers to the group of English economists who came under the influence…