A. there is no government intervention B. the demand is the same as the supply C. buyers and sellers are…
A. at the equilibrium and causes shortage B. above the equilibrium and causes shortage C. below the equilibrium and causes…
A. the consumer is in equilibrium B. more of the commodity can be consumed C. total utility is also equal…
A. fairly elastic supply B. infinitely elastic supply C. fairly inelastic supply D. perfectly inelastic Correct Answer: Option B B.…
A. an abnormal supply situation B. the law of supply C. that labour supply and wage are directly related D.…
A. its higher in the urban than rural areas B. varies with time C. rises with demand D. is fixed…
A. joint supply B. competitive demand C. competitive supply D. complementary demand Correct Answer: Option A A. joint supply Explanation…
A. increase in prices of raw materials B. increase in the size of the population C. expectation of future price…
A. inferior goods B. complementary goods C. substitutes D. normal goods Correct Answer: Option D D. normal goods Explanation Normal…
A. substitutes B. complements C. inferior goods D. bought goods Correct Answer: Option A A. substitutes Explanation Substitute goods or…