Economics - Study Mode
[#1021] Which of the following is not the assumption of consumer's equilibrium in demand theory?
Correct Answer
(D) None of these
[#1022] Income elasticity of demand is the percentage change in quantity demanded divided by the percentage change in income. Which type of goods have negative income elasticity of demand?
Correct Answer
(A) Inferior goods
[#1023] 'Kinked' demand curve is related with
Correct Answer
(C) Oligopoly
[#1024] Match the following. List-I List-II a. Normal demand curve 1. Vertical straight line b. Income consumption curve 2. Downwards to right c. Inelastic demand curve 3. Infinity d. Cross elasticity of demand between two perfect substitute will be 4. Upwards to the right
Correct Answer
(A) a-2, b-4, c-1, d-3
[#1025] Indifference curve is the combination of two goods that are
Correct Answer
(B) Substitute goods