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Q. 2) If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to:
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Q. 3) Income elasticity of demand is defined as the responsiveness of:
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Q. 5) In the short run, when the output of a firm increases, its average fixed cost:
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Q. 6) The cost of one thing in terms of the alternative given up is called:
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Q. 7) In which of the following market structure is the degree of control over the price of its product by a firm very large?
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Q. 8) Demand for factors of production is:
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Q. 9) The producer’s demand for a factor of production is governed by the ___ of that factor.
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Q. 10) Who is the ‘lender of the last resort’ in the banking structure of India?
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