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When price increases and with it the total outlay on a commodity also increases, 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. If the commodity is normal then the Income Effect (I.E) and the Substitution Effect (S.E):
  2. If a new production technology for producing compact discs is developed and new firms are attracted…
  3. If the price of Pepsi Cola goes down, you would predict:
  4. In repeated game, the Prisoners Dillemma can have a:
  5. With the expansion of output, the short run average cost curve, beyond a point, starts rising because:
  6. The equilibrium of a firm is determined by the equality of MC and MR in only:
  7. Which cost increases continuously with the increase in production?
  8. The arc elasticity is the measure of average elasticity at the mid-point of the chord and connects:
  9. If the commodities X and Y are perfect substitutes then:
  10. In discriminating monopoly (price discrimination), the elasticity of demand of product in two markets…
  11. The shape of the TC curve is:
  12. In 1890, Principles of Economics was written by:
  13. The cobweb model will convergent when the slope of:
  14. In case of perfect competition, TR curve rises at a:
  15. A shift in the demand for a product is likely to result from a change in:
  16. In perfectly competitive markets, the profit maximization rule can be represented by:
  17. Used cars are sold in:
  18. The external economies of scale experienced by a firm include the:
  19. Which of the following is not a property of indifference curve?
  20. A price is a ratio of exchange between:
  21. According to Leontief technology, there:
  22. Money spent by a firm on the purchase of capital equipment is:
  23. Scarcity means:
  24. By scarcity the economist means that all goods are scarce relative the peoples:
  25. Law of variable proportions is based on the assumption of:
  26. The study of economic theory for the sake of certain objective is called:
  27. The amount of income left over for a consumer in equilibrium is :
  28. The equilibrium conditions, MC = MR = AR = AC, will happen:
  29. The relationship between price effect, income effect and substitution effect is:
  30. The kink demand curve faced by an oligopolist is based on the assumption that: