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The good will highest income elasticity is:

A. Beef

B. Mutton

C. Bread

D. Motion-picture tickets

Correct Answer : D.


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  2. The marshallian demand curve includes:
  3. Who stated explicitly for the first time the Law of Camparative Costs?
  4. In the case of superior (normal) commodity, the income elasticity of demand is:
  5. Given a U shaped average cost curve, the relationship between average cost and marginal cost is such…
  6. In constant sum game (zero sum game), if there are two parties then:
  7. Who wrote An Introduction to Positive Economics?
  8. When was Adam Smiths major work An Enquiry into the Nature and Causes of Wealth of Nations published?
  9. In the long run average costs curve, a firm can change:
  10. The advertisement and other selling activities:
  11. The main contribution of David Ricardo is in the field of:
  12. The cost of firms in cournot model are:
  13. The demand curve of ostentation goods (Veblen goods) will be:
  14. The shape of the TC curve is:
  15. Cartel is associated with:
  16. In case of economic bads, an IC can be :
  17. If production increases under increasing returns to scale, the cost will:
  18. If as a result of an increase in prices, total outlay (expenditures) on a commodity decreases, its price-elasticity…
  19. The basic subject matter of economics is:
  20. The law of demand is most directly a result of:
  21. Under monopoly and imperfect competition MC is:
  22. When elasticity of demand is less than one (e
  23. The optimal strategy for a player is termed as:
  24. Cross-elasticity of demand or cross-price elasticity between two complements will be:
  25. In market sharing cartel model, cartel determines the shares of:
  26. After reaching the saturation point consumption of additional units of the commodity cause:
  27. Slope of a demand curve is:
  28. The model which gives us information about price and output changes in different periods is:
  29. Short run cost curves are influenced by:
  30. The minimization of costs subject to output requires equilibrium at the lowest: