Economics - Study Mode
[#826] A good, whose demand by a consumer falls with the rise in income of that consumer is called
Correct Answer
(B) inferior goods
[#827] Match the items of List-I with the items of List-II and choose the correct. List-I List-II a. Income elasticity less than unity 1. Competitive goods b. Cross elasticity less than unity 2. Inferior foods c. Cross elasticity less than zero 3. Superior goods d. Income elasticity less than zero 4. Complementary goods
Correct Answer
(C) a-3, b-1, c-4, d-2
[#828] The lines ABCD represents which type of a curve?
Correct Answer
(A) Kinked curve of oligopoly
[#829] Goods which are paradoxical to the law of demand are
Correct Answer
(A) giffen goods
[#830] The various degrees of price elasticity of demand can be shown on a single demand curve as per which one of the following?
Correct Answer
(D) Geometrical method