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Who introduced the concept of Elasticity of Demand into economic theory?

A. Alfred Marshal

B. Adam Smith

C. Karl Marx

D. George Stigler

Correct Answer : A.


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  3. In economist the term invisible hand is refers to:
  4. If the commodity is normal then the Income Effect (I.E) and the Substitution Effect (S.E):
  5. Theory of revealed preference is based on:
  6. The largest possible loss that a firm will make in the short run is:
  7. At the shut-down point in perfect competition:
  8. According to Marshallian approach, utility:
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  10. Increasing returns is not caused by:
  11. The factors of production in perfect competition are:
  12. In dominant strategies I am doing the best, I can no matter:
  13. Each firm in cournot model can:
  14. The main contribution of Prof.Robbins is in the field of:
  15. In monopolistic competition, the firms face:
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  18. Firms average and marginal revenues are equal under:
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  22. In perfect cartel, the:
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  26. The difference between accounting profits and economic profits is:
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