When elasticity of demand is less than one (e<1), then following the formula MR=P[1-1/e], the MR will:
Positive
Negative
Zero
None of the above
- Cross-elasticity of demand or cross-price elasticity between two independent goods will be:
- In the long run:
- In case of monopoly, when total revenue is maximum:
- The law of demand is most directly a result of:
- The slutsky demand curve includes:
- Some farm land can be used to produce either corn or soybeans. If the demand for corn increases then:
- Plumbing and pipe-fitting require many of the same skills. If the wage paid to pipe-fitters increased…
- The concept of industry in monopolistic competition has been replaced by:
- If a ten percent increase in price causes a ten percent reduction in quantity demanded, elasticity of…
- The budget line is described by each of the following except:
- Price-taker firms:
- The law of Diminishing Marginal Utility implies that the marginal utility of a good decreases as:
- Price is measured in:
- We can find total utility by:
- The reserve capacity in administration is advocated on the ground that demand for a product will:
- The main contribution of David Ricardo is in the field of:
- If the commodity is normal then the Income Effect (I.E) and the Substitution Effect (S.E):
- At a point where a straight line demand curve meets the price axis (Y-axis), the elasticity of demand…
- In general, most of the production functions measure:
- When total product increases at a decreasing rate:
- An iso-product (an isoquant) curve slopes:
- If the prices of goods rise then:
- In income effect, we:
- According to law of Equi-Marginal Utility when price of commodity falls then we bought:
- The Latin term citeris paribus means:
- The demand curve slopes downwards due to:
- Cournot equilibrium is attained where two reaction curves:
- Traditionally, the study of determination of price is called:
- A firm is a sum of persons who convert:
- In cournot model, each firm makes decision regarding: