Home

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)

Correct Answer : D.


Download Objective type questions of Basics of Economics PDF

Visit our PDF store

Get all objective type questions of Basics of Economics MCQ

Also checkout these categories

Data Structure MCQ Machine Input Mi-set 2 MCQ Basics of Neurology MCQ Chemical Equilibrium MCQ Problems on Numbers MCQ Advanced Surveying MCQ World History MCQ Electrostatics MCQ General knowledge MCQ Pteridophyta MCQ Physical Measurement MCQ Heat & Mass Transfer MCQ

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

Submit
Load More..
You can do it
  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: