Income effect(I.E)

Substitution effect(S.E)

Taste effect

Both a and b

**Price elasticity of demand is best defines as:****Income-elasticity of demand is expressed as:****Compared to perfect competition, a monopolist will charge:****A profit-maximizing monopolist in two separate markets will:****The competitive equilibrium leads to:****Each SAC represents a particular level of:****When elasticity of demand is one (e=1), then following the formula MR=P[1-1/e], the MR will:****A firm can never produce in the middle area of input space, in case of:****Which of the following statement is wrong?****To calculate the Economic Profit we must deduct which of the following cost from our total revenues?****The cost that a firm incurs in purchasing or hiring any factor of production is referred to as:****Contraction of demand means:****For the given production function, technical inefficiency is defined as:****In perfectly competitive markets, the profit maximization rule can be represented by:****The total revenue curve for monopolist is the shape of:****Total profits are maximized at the point where:****In the immediate run:****The game theory was basically presented by:****The short-run periods in monopolistic competition are:****In cournot model firms:****If a straight line supply curve makes an intercept on the X-axis, the elasticity of supply is:****The proportionality rule in production requires that the ratios of MP and factor prices are:****When the slope of a demand curve is infinite (also known as horizontal demand curve) then elasticity…****The fundamental choices that a society must make about the use of its resources include:****Who first used the term Quasi-Rent?****Marginal Utility (MU) curve is always:****If the prices of goods rise then:****Moving along the indifference curve leaves the consumer:****The law of Diminishing Marginal Utility implies that the marginal utility of a good decreases as:****If the factors have to be employed in a fixed ratio, then the elasticity of substitution under Leontief…**