Economics - Study Mode
[#566] Which statement is correct?
Correct Answer
(C) Price effect = Income effect + Substitute effect
[#567] Match the following. List-I (Characteristics of Perfect Competition) List-II (Explanations) a. Many small sellers 1. No seller is able to exert a significant influence over price b. Many small buyers 2. No buyer's is able to exert a significant influence over price c. Product undifferentiated 3. Decision to buy are made on the basis of price d. Easy entry and exit 4. Resources are easily transferable among industries
Correct Answer
(D) a-1, b-2, c-3, d-4
[#568] The inverse relationship between the variation in the price and the variation in the quantity demanded in not due to
Correct Answer
(B) Entry and exit of buyers
[#569] Leontief isoquant is
Correct Answer
(D) parallel to the axis with a kink
[#570] A demand curve which is parallel to x-axis displays elasticity
Correct Answer
(A) infinite