Which method is used by Hicks to eliminate the income effect when price of a product is changed
A) compensating variation in income
B) the cost difference
C) the over compensation effect
D) substituting variation in price
Correct Answer:
Verified
Q1: Hicks Allen indifference theory is based on
A)weak
Q2: Income consumption curve of an inferior commodity
Q3: In case of a convex indifference curve
A)mrs
Q4: 'Higher the indifference curve higher will be
Q5: As per indifference curve analysis, consumer always
Q7: The basic doctrine of consumers' surplus is
Q8: According to Marshall, The law of diminishing
Q9: An indifference curve represent
A)four commodities
B)less than two
Q10: Indifference curve is always
A)concave to the origin
B)convex
Q11: Engel curve for giffen good is
A)positively sloped
B)negatively
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