Economics - Study Mode
[#396] A consumer consuming two goods will be in equilibrium when the marginal utilities from both goods are
Correct Answer
(C) Equal
[#397] If we assume that price decreases and total expenditures increase we may conclude that elasticity of demand is
Correct Answer
(A) greater than one
[#398] A significant property of the Cobb-Douglas production function is that the elasticity of substitutes between input is
Correct Answer
(A) Equal to 1
[#399] Goods 'A' and 'B' are substitutes in production either good A or good B, then A and B are
Correct Answer
(D) Substitutes in production
[#400] The word demand should be used to mean the quantity demanded which is purchased at a fixed price
Correct Answer
(B) Prof. J. S. Mill