51. Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its
52. When demand is perfectly inelastic, an increase in price will result in
53. The cost on one thing in terms of the alternative given up is known as
54. When equilibrium price rises but equilibrium quantity remains unchanged, the cause is
55. If demand is unitary elastic, a 25% increase in price will result in
56. Contraction of demand is the result of
57. According to M. Kalecki, the true measure of the degree of monopoly power is the
58. Price of a product is determined in a free market by
59. When cross elasticity of demand is a large positive number, one can conclude that
60. All but one of the following are assumed to remain the same while drawing an individual's demand curve for a commodity. Which one is it?
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