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The income effect means that consumer purchase more when:

A. Price falls

B. Price increases

C. Price is unchanged

D. Taste changed

Please do not use chat terms. Example: avoid using "grt" instead of "great".

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  1. While buying two goods X and Y with unequal prices, to maximize total utility from his income, a consumer…
  2. In cournot model, firms face:
  3. Which of the following is not an explicit cost of production?
  4. Because the price elasticity of demand for OPEC oil is approximately .08, in order to increase revenues…
  5. If the price of a product falls then quantity demanded tends to increase ceteris paribus because:
  6. In 1932, The nature and significance of economic science was written by:
  7. Economics define technology as:
  8. The main contribution of Malthus is in the field of:
  9. Who is the founder of classical school of thought?
  10. Each firm in cournot model starts selling:
  11. The long run total cost is attained by:
  12. The least cost combination of factors x , y and z will generally be the point at which:
  13. The situation in between the extremes of the govt. controlled, planned economy and the perfectly free,…
  14. A demand curve which is horizontal and parallel to x-axis represents:
  15. By scarcity the economist means that all goods are scarce relative the peoples:
  16. The number of sellers in duopoly is:
  17. To calculate the elasticity of demand, which of the following formula is used?:
  18. The average product is given as:
  19. The vertical demand curve for a commodity shows that its demand is:
  20. The price consumption curve (PCC) for commodity X is the locus of points of consumer equilibrium resulting…
  21. Each short run average cost curve:
  22. Using total revenue and total cost, a profit maximizing firm will be equilibrium at a point:
  23. Short run cost curves are influenced by:
  24. In modern cost theory, AVC= b1 and MC= b1 in the range of:
  25. Who developed the concept of Representative Firm?
  26. The costs faced by the firm against variable factors are:
  27. If the commodity is inferior then Income Effect (I.E) is:
  28. By saying that monopolist create a contrived scarcity, economist mean that monopolist:
  29. If a firm produces zero output in the short period then which statement is true?
  30. We can find total utility by: