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The demand of the necessities is:

A. More elastic

B. Less elastic

C. Unit elastic

D. Zero elastic

Correct Answer : B.


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  1. The elasticity of demand is equal to slope of demand function divided by:
  2. Total Utility (TU) curve:
  3. According to Chamberlin, the activity of a monopolistic competitive firm:
  4. The slutsky demand curve includes:
  5. Under monopolistic competition, the firms compete alongwith:
  6. The firm is at equilibrium where:
  7. In Nash Equilibrium:
  8. The games which played by players again and again are called:
  9. In monopolistic competition, the aim of the firm is to:
  10. By reducing the prices of its products below those of its competitors, a perfectly competitive seller:
  11. A firms profit is equal to:
  12. A mixed economy is characterized by the coexistence of:
  13. The difference between average total cost and average fixed cost shows:
  14. Consumers Surplus can also be defined as:
  15. By scarcity the economist means that all goods are scarce relative the peoples:
  16. Demand for a commodity is elastic when it has
  17. If the price of product A decreases and in the result the demand for product B increases then we can…
  18. If a monopolist is producing under decreasing cost conditions, increase in demand is beneficial to the…
  19. The isoquant which are generated by CES (constant elasticity of substitution) production function are…
  20. Law of Diminishing Marginal Utility is practically untrue because:
  21. A country is advised to devalue (reduce external value of) its currency only when its exports face:
  22. The costs faced by the firm against fixed factors are:
  23. Which of the following pairs of commodities is an example of substitutes?
  24. The demand curve of a firm in monopolistic competition is:
  25. Indifference curve represents:
  26. The kink demand curve faced by an oligopolist is based on the assumption that:
  27. In the case of substitutes, the cross demand curve slopes
  28. Which of the following is called Gossens first law?
  29. Under which of the following forms of the market structure does a firm have no control over the price…
  30. Technological Progress (Invention) can be defined as: