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When price decreases and with it the total outlay on a commodity also decreases, it is a case of:

A. Perfect elasticity (infinitely elastic)

B. Relative elasticity (greater than one elasticity)

C. Perfect inelasticity (zero elasticity)

D. Relative inelasticity (less than one elasticity)

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  1. Supply and demand changes have their most rapid impact in:
  2. The market demand for any commodity is the:
  3. Total utility and price are:
  4. Under monopolistic competition, in long-run there is:
  5. The concept of product differentiation was firstly introduced by:
  6. Price discrimination is possible:
  7. Consumers Surplus can also be defined as:
  8. According to M.Kalecki, the true measure of the degree of monopoly power is the:
  9. Extension (expansion) of demand means:
  10. In case of income effect, the level of consumers satisfaction rises when:
  11. Moving along an indifference curve leaves the consumer:
  12. The Strategy of Economic Development is the work of:
  13. An economic theory is :
  14. Under the perfect competition, the transportation cost:
  15. Each firm in cournot model assumes that its competitor will:
  16. The cournot model is a model of:
  17. A demand curve is not related to:
  18. The long run average cost curve is the envelope of:
  19. Which one of the following has been the most influential work of F.H.Knight?
  20. In cournot model, firms make decisions separately regarding:
  21. An indifference curve shows the bundles of two goods among which a consumer remains:
  22. The Latin term citeris paribus means:
  23. When total revenues equal to total opportunity cost then the firm will earn:
  24. If the commodity is normal then the Income Effect (I.E) and the Substitution Effect (S.E):
  25. The economic problem of determining the combination of inputs yielding lowest cost for producing a given…
  26. Neutral Technological Progress can be defined as:
  27. The combination of labor and capital where the cost of a given output is minimized is known as:
  28. If, at the prevailing price, more of a good is desired than is available for sale:
  29. If the production increases under decreasing returns to scale, the cost will:
  30. If as a result of an increase in prices, total outlay (expenditures) on a commodity decreases, its price-elasticity…