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When with a change in price the total outlay (expenditures) on a commodity remains constant, it is a case of:

A. Perfect elasticity (infinitely elastic)

B. Perfect inelasticity (zero elasticity)

C. Unit elasticity

D. Zero elasticity (infinitely inelastic)

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  1. The equilibrium level of output for the pure monopolist is where:
  2. Contracts made by firms in cooperative games are:
  3. In case of complementary factors, the isoquants are:
  4. Law of variable proportions is based on the assumption of:
  5. The indirect utility function is a homogeneous function of:
  6. LMC represents change in LTC (long-run total cost) due to producing an additional unit of a good while…
  7. The cost of firms in cournot model are:
  8. Marginal utility means:
  9. According to Saint Thomas Aquinas value is determined by God, but prices by:
  10. The concept of industry in monopolistic competition has been replaced by:
  11. The costs faced by the firm against variable factors are:
  12. If the commodity is inferior then:
  13. The market demand shedule is determined by:
  14. The behavior of MC curve is determined by the behavior of the:
  15. For a few products such as insulin for diabetics,:
  16. The products, under monopolistic competition are differentiated, yet they are:
  17. An income demand curve of an inferior good is:
  18. Microeconomics is also known as:
  19. In the case of complements, the cross demand curve slopes:
  20. Microeconomics deals with the:
  21. The demand curve of ostentation goods (Veblen goods) will be:
  22. Even in the long-run equilibrium, the pure monopolist can make abnormal profits because of:
  23. Which of the following is not a feature of isoproduct curves?
  24. Which of the following curves is a rectangular hyperbola?
  25. At low prices, demand is likely to be:
  26. Identify the work of Irving Fisher:
  27. When SAC curve rises, SMC curve lies its:
  28. In monopolistic competition, if a firm lowers its price, the rival firms will:
  29. In the range of excess capacity, the average costs are:
  30. Necessary condition for consumer equilibrium is: