The change in demand is due to the change in :
A) Income
B) Own price
C) Prices of related products
D) Expectations
Correct Answer:
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Q7: The factor earning of entrepreneur is:
A)Rent
B)Wage
C)Interest
D)Profit
Q8: The Scarcity definition of Economics is the
Q9: Average Revenue is equal to:
A)Price
B)Cost
C)Profit
D)None of these
Q10: Total Revenue is the maximum when Marginal
Q11: Market economy is also known as:
A)Socialist economy
B)Capitalist
Q12: For complementary goods, the cross elasticity of
Q13: The demand curve for Giffen's goods:
A)Vertical
B)Horizontal
C)Negative slope
D)Positive
Q14: Income elasticity of demand for inferior goods
Q16: A market:
A)Necessarily refers to a meeting place
Q17: A fall in the price of the
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