(A) Normative economics
(B) Positive economics
(C) Both A & B
(D) None of the above
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Goods which are perfect substitute of each other will have rate of substitution?
(A) Unity
(B) Less than 1
(C) More than 1
(D) Zero
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A supply curve passing through the origin will have elasticity?
(A) Less than 1
(B) More than 1
(C) Just One
(D) Zero
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When the price of complementary products falls, the demand of the other product will?
(A) Fall
(B) Increases
(C) Remain stable
(D) Drops by 25%
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If demand of coffee increases by 10% with 20% decline in the price of sugar we can say that?
(A) Cross price elasticity of demand is negative and both the products are complementary to each other;
(B) Cross price elasticity of demand is negative and the goods are substitute;
(C) Cross price elasticity is positive and the products are complementary to each other ;
(D) None of these
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If the cross elasticity between two products is positive then we can say that?
(A) The products are perfectly substitute of each other;
(B) The products are complementary to each other;
(C) Both the products are unrelated ;
(D) Both are luxury items
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Luxury goods have — — degree of elasticity?
(A) High
(B) Low
(C) Moderate
(D) Completely inelastic
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Omlet and cakes have:
(A) Negative cross price elasticity of demand
(B) Positive cross elasticity of demand;
(C) Positive income elasticity of demand
(D) Negative income elasticity of demand
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Price elasticity demand of product will be more elastic if it:
(A) Has no substitutes
(B) Has number of substitutes
(C) Is an item of necessity;
(D) Is life saving Product