Economics - Study Mode
[#536] A supply curve will have a price elasticity equal to 1 only when it is
Correct Answer
(C) a straight line passing through the origin
[#537] Cardinal utility measurement is required in
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(B) utility theory
[#538] In case, the elasticity of demand on an average revenue curve is equal to unity, the marginal revenue will be
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(D) equal to zero
[#539] Prof. Gossen has talked about two psychological law of consumption. One of which is law of DMU. The second law is known as
Correct Answer
(A) law of equi-marginal utility
[#540] Given the demand function $${ ext{q}} = frac{{20}}{{ ext{p}}},$$ xa0 where p = price of product and q = quantity of product, the elasticity of demand at p = 10 would be
Correct Answer
(B) -1