Perfectly inelastic demand is equal to : (1) One (2)Infinite (3) Zero (4)Greater than one

Perfectly inelastic demand is equal to : (1) One (2)Infinite (3) Zero (4)Greater than one
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Perfectly inelastic demand is equal to : (1) One (2) Infinite (3) Zero (4) Greater than one

Description : Perfectly inelastic demand is equal to : (1) One (2) Infinite (3) Zero (4) Greater than one

Last Answer : (3) Zero Explanation: Price Elasticity of Demand is a measure of the relationship between a change in the quantity demanded of a particular good and a change in its price. It measures the responsiveness of ... to 0, demand is perfectly inelastic (i.e., demand does not change when price changes).

If the change in demand for a commodity is at a faster rate than change in the price of the commodity, the demand is - (1) perfectly inelastic (2) elastic (3) perfectly elastic (4) inelastic

Description : If the change in demand for a commodity is at a faster rate than change in the price of the commodity, the demand is - (1) perfectly inelastic (2) elastic (3) perfectly elastic (4) inelastic

Last Answer : (3) perfectly elastic Explanation: If quantity demanded changes by a very large percentage as a result of a tiny percentage change in price, then the demand is said to be perfectly elastic ... in this extreme case would be undefined but it approaches negative infinity as demand becomes more elastic.

)When percentage change in demand for a commodity is less than percentage change in its price, then demand is said to be - (1) Highly elastic (2) Inelastic (3) Relatively elastic (4) Perfectly inelastic

Description : )When percentage change in demand for a commodity is less than percentage change in its price, then demand is said to be - (1) Highly elastic (2) Inelastic (3) Relatively elastic (4) Perfectly inelastic

Last Answer : (2) Inelastic Explanation: When the percentage change in quantity demanded is less than the percentage change in price, then the demand for the commodity is said to be inelastic. Price elasticity of demand refers to the degree of responsiveness of quantity demanded to change in price.

When percentage change in demand for a commodity is less than percentage change in its price, then demand is said to be (1) Highly elastic (2) Inelastic (3) Relatively elastic (4) Perfectly inelastic

Description : When percentage change in demand for a commodity is less than percentage change in its price, then demand is said to be (1) Highly elastic (2) Inelastic (3) Relatively elastic (4) Perfectly inelastic

Last Answer : Inelastic

If the change in demand for a commodity is at a faster rate than change in the price of the commodity, the demand is (1) perfectly inelastic (2) elastic (3) perlectly elastic (4) inelastic

Description : If the change in demand for a commodity is at a faster rate than change in the price of the commodity, the demand is (1) perfectly inelastic (2) elastic (3) perlectly elastic (4) inelastic

Last Answer : perlectly elastic

The demand for necessities is - (1) elastic (2) perfectly inelastic (3) inelastic (4) perfectly elastic

Description : The demand for necessities is - (1) elastic (2) perfectly inelastic (3) inelastic (4) perfectly elastic

Last Answer : (2) perfectly inelastic Explanation: Inelastic demand means that if the price changes, the quantity demanded will not change much. The more necessary a good is, the lower the elasticity, as people ... it no matter the price. Necessities such as water are likely to have perfectly inelastic demand.

A horizontal demand curve is - (1) relatively elastic (2) perfectly inelastic (3) perfectly elastic (4) of unitary elasticity

Description : A horizontal demand curve is - (1) relatively elastic (2) perfectly inelastic (3) perfectly elastic (4) of unitary elasticity

Last Answer : (3) perfectly elastic Explanation: The demand curve facing a perfectly competitive firm is flat or horizontal. This is because all firms in perfect competition are by definition selling an identical (homogeneous) ... of the curve is zero, it is impossible for the price to change in the market.

The demand curve facing a perfectly competitive firm is - (1) downward sloping (2) perfectly inelastic (3) a concave curve (4) perfectly elastic

Description : The demand curve facing a perfectly competitive firm is - (1) downward sloping (2) perfectly inelastic (3) a concave curve (4) perfectly elastic

Last Answer : (4) perfectly elastic Explanation: A perfectly competitive industry is comprised of a. large number of relatively small firms that sell identical products. Each perfectly competitive firm is so small ... at the going market price. This translates into a horizontal or perfectly elastic demand curve.

If elasticity of demand is perfectly inelastic, then burden of tax will be on (a) Buyer (b) Seller (c) on both (a) and (b) (d) More on seller

Description : If elasticity of demand is perfectly inelastic, then burden of tax will be on (a) Buyer (b) Seller (c) on both (a) and (b) (d) More on seller

Last Answer : (a) Buyer

The demand curve facing a perfectly competitive firm is (1) downward sloping (2) perfectly inelastic (3) a concave curve (4) perfectly elastic

Description : The demand curve facing a perfectly competitive firm is (1) downward sloping (2) perfectly inelastic (3) a concave curve (4) perfectly elastic

Last Answer :  perfectly elastic

The demand for necessities is (1) elastic (2) perfectly inelastic (3) inelastic (4) perfectly elastic

Description : The demand for necessities is (1) elastic (2) perfectly inelastic (3) inelastic (4) perfectly elastic 

Last Answer : perfectly inelastic

A horizontal demand curve is (1) ralatively elastic (2) perfectly inelastic (3) perfectly elastic (4) of unitary elasticity

Description : A horizontal demand curve is (1) ralatively elastic (2) perfectly inelastic (3) perfectly elastic (4) of unitary elasticity

Last Answer : perfectly elastic

In case of horizontal demand curve , price elasticity of demand is (a) equal to zero (b) equal to one © equal to two (d) infinite

Description : In case of horizontal demand curve , price elasticity of demand is (a) equal to zero (b) equal to one © equal to two (d) infinite

Last Answer : (a) equal to zero

The demand for a product would be more inelastic: a. the greater is the time under consideration b. the greater is the number of substitutes available to buyers c. the less expensive is the product in relation to incomes d. all of the above Answers: D C D C A D C A C C

Description : The demand for a product would be more inelastic: a. the greater is the time under consideration b. the greater is the number of substitutes available to buyers c. the less expensive is the product in relation to incomes d. all of the above Answers: D C D C A D C A C C

Last Answer : c. the less expensive is the product in relation to incomes

The demand for a product would be more inelastic: a. the greater is the time under consideration b. the greater is the number of substitutes available to buyers c. the less expensive is the product in relation to incomes d. all of the above

Description : The demand for a product would be more inelastic: a. the greater is the time under consideration b. the greater is the number of substitutes available to buyers c. the less expensive is the product in relation to incomes d. all of the above

Last Answer : b. the greater is the number of substitutes available to buyers

If the consumption of a product can be postponed for the time being (a) The demand for the product will be inelastic (b) The demand for the product will be relatively elastic (c) The demand for the product will be perfectly elastic (d) The demand for the product will be perfectly inelastic

Description : If the consumption of a product can be postponed for the time being (a) The demand for the product will be inelastic (b) The demand for the product will be relatively elastic (c) The demand for the product will be perfectly elastic (d) The demand for the product will be perfectly inelastic

Last Answer : (b) The demand for the product will be relatively elastic 

Economic rent does not arise when the supply of a factor unit is - (1) Perfectly inelastic (2) Perfectly elastic (3) Relatively elastic (4) Relatively inelastic

Description : Economic rent does not arise when the supply of a factor unit is - (1) Perfectly inelastic (2) Perfectly elastic (3) Relatively elastic (4) Relatively inelastic

Last Answer : (2) Perfectly elastic Explanation: Economic rent in the sense of surplus over transfer earnings arise when the supply of the factor units is less than perfectly elastic or not perfectly elastic. When ... , at a given price or remuneration, the entrepreneur can engage any number of factor units.

Elasticity (e) expressed by the formula 1 > e > 0 is - (1) Perfectly elastic (2) Relatively elastic (3) Perfectly inelastic (4) Relatively inelastic

Description : Elasticity (e) expressed by the formula 1 > e > 0 is - (1) Perfectly elastic (2) Relatively elastic (3) Perfectly inelastic (4) Relatively inelastic

Last Answer : (4) Relatively inelastic Explanation: Elasticity (e) expressed by the formula 1 > e > 0 is relatively inelastic. Elasticity is responsiveness of one variable to a change in another, when other conditions are held constant.

Any factor of production can earn economic-rent, when its supply will be - (1) Perfectly elastic (2) Perfectly inelastic (3) Elastic in nature (4) All of the above

Description : Any factor of production can earn economic-rent, when its supply will be - (1) Perfectly elastic (2) Perfectly inelastic (3) Elastic in nature (4) All of the above

Last Answer : (2) Perfectly inelastic Explanation: Economic rent is the revenue that can be earned from the land or other natural resource for which there is a fixed supply - as economists like to say, the supply ... inelastic, the amount of its supply does not depend on any income that the resource can produce.

Any factor of production can earn economic-rent, when its supply will be (1) Perfectly elastic (2) Perfectly inelastic (3) Elastic in nature (4) All of the above

Description : Any factor of production can earn economic-rent, when its supply will be (1) Perfectly elastic (2) Perfectly inelastic (3) Elastic in nature (4) All of the above

Last Answer : Perfectly inelastic

Elasticity (e) expressed by the formula l > e > 0 is (1) Perfectly elastic (2) Relatively elastic (3) Perfectly inelastic (4) Relatively inelastic

Description : Elasticity (e) expressed by the formula l > e > 0 is (1) Perfectly elastic (2) Relatively elastic (3) Perfectly inelastic (4) Relatively inelastic

Last Answer : Relatively inelastic

Economic rent does not arise when the supply of a factor unit is (1) Perfectly inelastic (2) Perfectly elastic (3) Relatively elastic (4) Relatively inelastic

Description : Economic rent does not arise when the supply of a factor unit is (1) Perfectly inelastic (2) Perfectly elastic (3) Relatively elastic (4) Relatively inelastic

Last Answer : Perfectly elastic

Cross elasticity of demand between petrol and car is - (1) infinite (2) positive (3) zero (4) negative

Description : Cross elasticity of demand between petrol and car is - (1) infinite (2) positive (3) zero (4) negative

Last Answer : (4) negative Explanation: In economics, the cross elasticity of demand or cross-price elasticity of demand measures the responsiveness of the demand for a good to a change in the ... denotes two products that are complements, while a positive cross elasticity denotes two substitute products

In the case of an inferior good, the income elasticity of demand is : (1) Zero (2) Negative (3) Infinite (4) Positive

Description : In the case of an inferior good, the income elasticity of demand is : (1) Zero (2) Negative (3) Infinite (4) Positive

Last Answer : (2) Negative Explanation: A negative income elasticity of demand is associated with inferior goods; an increase in income will lead to a fall in the demand and may lead to changes to more luxurious ... demand is associated with normal goods; an increase in income will lead to a rise in demand.

In case of Complementary goods cross elasticity of demand will be (a) Negative (b) Zero (c) Unitary (d) Infinite

Description : In case of Complementary goods cross elasticity of demand will be (a) Negative (b) Zero (c) Unitary (d) Infinite

Last Answer : (a) Negative

Cross-price elasticity of demand between tea and coffee is (a) negative (b) positive © zero (d) infinite

Description : Cross-price elasticity of demand between tea and coffee is (a) negative (b) positive © zero (d) infinite

Last Answer : (b) positive

In the case of an inferior good, the income elasticity of demand is : (1) Zero (2) Negative (3) Infinite (4) Positive

Description : In the case of an inferior good, the income elasticity of demand is : (1) Zero (2) Negative (3) Infinite (4) Positive 

Last Answer : Negative

Cross elasticity of demand between petrol and car is (1) infinite (2) positive (3) zero (4) negative

Description : Cross elasticity of demand between petrol and car is (1) infinite (2) positive (3) zero (4) negative

Last Answer : negative

When cost of production is zero, monopoly equilibrium will be established at a level where elasticity of demand curve is : (a) Greater than one (b) Equal to one (c) Less than one (d) Infinity

Description : When cost of production is zero, monopoly equilibrium will be established at a level where elasticity of demand curve is : (a) Greater than one (b) Equal to one (c) Less than one (d) Infinity

Last Answer : Equal to one

Pick out the correct statement. (A) If an insoluble gas is passed through a volatile liquid placed in a perfectly insulated container, the temperature of the liquid will increase (B) A process is irreversible as long as Δ S for the system is greater than zero (C) The mechanical work done by a system is always equal to∫P.dV (D) The heat of formation of a compound is defined as the heat of reaction leading to the formation of the compound from its reactants

Description : Pick out the correct statement. (A) If an insoluble gas is passed through a volatile liquid placed in a perfectly insulated container, the temperature of the liquid will increase (B) A ... compound is defined as the heat of reaction leading to the formation of the compound from its reactants

Last Answer : (D) The heat of formation of a compound is defined as the heat of reaction leading to the formation of the compound from its reactants

The bowed shape of the production possibilities curve illustrates: a. the law of increasing marginal cost b. that production is inefficient c. that production is unattainable d. the demand is relatively inelastic

Description : The bowed shape of the production possibilities curve illustrates: a. the law of increasing marginal cost b. that production is inefficient c. that production is unattainable d. the demand is relatively inelastic

Last Answer : a. the law of increasing marginal cost

In price discrimination, which section of the market is charged the higherprice?a. the section with the richest peopleb. the section with the oldest peoplec. the section with the most inelastic demandd. the section with the most elastic demand

Description : In price discrimination, which section of the market is charged the higherprice? a. the section with the richest people b. the section with the oldest people c. the section with the most inelastic demand d. the section with the most elastic demand

Last Answer : c. the section with the most inelastic demand

The upper portion of the kinked demand curve is relatively A.More inelastic B.More elastic C.Less elastic D.Inelastic

Description : The upper portion of the kinked demand curve is relatively A.More inelastic B.More elastic C.Less elastic D.Inelastic

Last Answer : B.More elastic

If total revenue rises when price falls, the demand curve is (a) Elastic (b) Unitary elastic (c) Inelastic (d) None of the above

Description : If total revenue rises when price falls, the demand curve is (a) Elastic (b) Unitary elastic (c) Inelastic (d) None of the above

Last Answer : (a) Elastic

An increase in aggregate demand is more likely to lead to demand pull inflation (a) If aggregate supply is completely elastic (b) If aggregate supply is completely inelastic © If aggregate supply is unitary elastic (d) If aggregate supply is moderately elastic

Description : An increase in aggregate demand is more likely to lead to demand pull inflation (a) If aggregate supply is completely elastic (b) If aggregate supply is completely inelastic © If aggregate supply is unitary elastic (d) If aggregate supply is moderately elastic

Last Answer : (b) If aggregate supply is completely inelastic

Very short period is the market condition where the supply remain perfectly (a) Elastic ; (b) Inelastic ; (c) Unity elastic ; (d) Elasticity less than 1

Description : Very short period is the market condition where the supply remain perfectly (a) Elastic ; (b) Inelastic ; (c) Unity elastic ; (d) Elasticity less than 1

Last Answer : (b) Inelastic ; 

Define coefficient of restitution and obtain its value for an elastic collision and a perfectly inelastic collision.

Description : Define coefficient of restitution and obtain its value for an elastic collision and a perfectly inelastic collision.

Last Answer : Define coefficient of restitution and obtain its value for an elastic collision and a perfectly inelastic collision.

In a perfectly inelastic collision, kinetic energy A. totally disappears B. is increased C. is decreased D. is unchanged

Description : In a perfectly inelastic collision, kinetic energy A. totally disappears B. is increased C. is decreased D. is unchanged

Last Answer :  totally disappears

The tendency of a deformed solid to regain its actual proportions instantly upon unloading known as ______________ a) Perfectly elastic b) Delayed elasticity c) Inelastic effect d) Plasticity

Description : The tendency of a deformed solid to regain its actual proportions instantly upon unloading known as ______________ a) Perfectly elastic b) Delayed elasticity c) Inelastic effect d) Plasticity

Last Answer : a) Perfectly elastic

Kinetic theory of gases assumes that the collisions between the molecules are  (a) perfectly elastic  (b) perfectly inelastic  (c) partly elastic  (d) partly inelastic  (e) partly elastic and partly inelastic.

Description : Kinetic theory of gases assumes that the collisions between the molecules are  (a) perfectly elastic  (b) perfectly inelastic  (c) partly elastic  (d) partly inelastic  (e) partly elastic and partly inelastic.

Last Answer : Answer : a

In equilibrium, a perfectly competitive firm will equate - (1) marginal social cost with marginal social benefit (2) market supply with market demand (3) marginal profit with marginal cost (4) marginal revenue with marginal cost

Description : In equilibrium, a perfectly competitive firm will equate - (1) marginal social cost with marginal social benefit (2) market supply with market demand (3) marginal profit with marginal cost (4) marginal revenue with marginal cost

Last Answer : (4) marginal revenue with marginal cost Explanation: A perfectly competitive firm's supply curve is that portion of its marginal cost curve that lies above the minimum of the average variable cost ... marginal cost curve. The marginal cost curve is thus the perfectly competitive firm's supply curve.

If the demand curve confronting an individual firm is perfectly elastic, then firm is A.Price taker B.Adjust output C.Adjust priceD.All of theseAnswer Repor

Description : If the demand curve confronting an individual firm is perfectly elastic, then firm is A.Price taker B.Adjust output C.Adjust price D.All of these Answer Repor

Last Answer : A.Price taker

In equilibrium, a perfectly competitive firm will equate (1) marginal social cost with marginal social benefit (2) market supply with market demand (3) marginal profit with marginal cost (4) marginal revenue with marginal cost

Description : In equilibrium, a perfectly competitive firm will equate (1) marginal social cost with marginal social benefit (2) market supply with market demand (3) marginal profit with marginal cost (4) marginal revenue with marginal cost

Last Answer : marginal revenue with marginal cost

Equilibrium price is the price when : (1) supply is greater than demand (2) supply is less than demand (3) demand is very high (4) supply is equal to demand

Description : Equilibrium price is the price when : (1) supply is greater than demand (2) supply is less than demand (3) demand is very high (4) supply is equal to demand

Last Answer : (4) supply is equal to demand Explanation: The equilibrium price is the price where the goods and services supplied by the producer equals the goods and services demanded by the customer(s). How the equilibrium price is achieved is through the 'Invisible Hand', or market forces of the economy.

Say's Law of Market holds that - (1) supply is not equal to demand (2) supply creates its own demand (3) demand creates its own supply (4) supply is greater than demand

Description : Say's Law of Market holds that - (1) supply is not equal to demand (2) supply creates its own demand (3) demand creates its own supply (4) supply is greater than demand

Last Answer : (2) supply creates its own demand Explanation: Say's law, or the law of market, is an economic principle of classical economics named after the French businessman and economist Jean-Baptiste Say ... General Theory of Employment, Interest and Money (1936) and a central tenet of Keynesian economics.

Say’s Law of Market holds that (1) supply is not equal to demand (2) supply creates its own demand (3) demand creates its own supply (4) supply is greater than demand

Description : Say’s Law of Market holds that (1) supply is not equal to demand (2) supply creates its own demand (3) demand creates its own supply (4) supply is greater than demand 

Last Answer : supply creates its own demand

A demand curve, which is parallel to the horizontal axis, showing quantity, has the price elasticity equal to - (1) Zero (2) One (3) Less than one (4) Infinity

Description : A demand curve, which is parallel to the horizontal axis, showing quantity, has the price elasticity equal to - (1) Zero (2) One (3) Less than one (4) Infinity

Last Answer : (4) Infinity Explanation: Price elasticity of demand measures consumer response to price changes. If consumers are relatively sensitive to price changes, demand is elastic: if they are relatively ... keeps changing with the price. So the coefficient of price elasticity of demand is infinity.

A demand curve, which is parallel to the horizontal axis, showing quantity, has the price elasticity equal to (1) Zero (2) One (3) Less than one (4) Infinity

Description : A demand curve, which is parallel to the horizontal axis, showing quantity, has the price elasticity equal to (1) Zero (2) One (3) Less than one (4) Infinity

Last Answer : Infinity

Terminal potential difference of a battery is greater than its emf when a. the internal resistance of battery is infinite b. the internal resistance of battery is zero c. the battery is charged d. the battery is discharged

Description : Terminal potential difference of a battery is greater than its emf when a. the internal resistance of battery is infinite b. the internal resistance of battery is zero c. the battery is charged d. the battery is discharged

Last Answer : c. the battery is charged

In a perfectly competitive market, a firm's - (1) Average Revenue is always equal to Marginal Revenue (2) Marginal Revenue is more than Average Revenue (3) Average Revenue is more than Marginal Revenue (4) Marginal Revenue and Average Revenue are never equal

Description : In a perfectly competitive market, a firm's - (1) Average Revenue is always equal to Marginal Revenue (2) Marginal Revenue is more than Average Revenue (3) Average Revenue is more than Marginal Revenue (4) Marginal Revenue and Average Revenue are never equal

Last Answer : (1) Average Revenue is always equal to Marginal Revenue Explanation: Average revenue is the amount money received by a firm per unit of output sold. Marginal revenue is the change in total revenue ... . In a perfectly competitive market, a firm's Average Revenue is always equal to Marginal Revenue.