11. If the demand for a good is price elastic, a fall in its price will lead to:
(i) A rise in sales
(ii) A fall in sales
(iii) A rise in total expenditure on the good
(iv) A fall in total expenditure on the good
(i) A rise in sales
(ii) A fall in sales
(iii) A rise in total expenditure on the good
(iv) A fall in total expenditure on the good
12. 'Price Pool' is formed to:
13. When the price of a substitute of commodity X falls, the demand for X-
14. The assessment of national income is prepared by
15. Cardinal measure of utility is required in:
16. A person is obliged to choose between buying a sewing-machine and a radio. He buys the radio. The opportunity cost of the radio may be said to be
17. 'Consumer-equilibrium' means
18. Along an indifference curve, if the marginal rate of substitution is 3, then the consumer is willing to
19. The long-run supply curve of a perfectly competitive firm
20. Normally Demand curve slopes
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