The concept of elasticity of demand was introduced by

(a)

Ferguson

(b)

Keynes

(c)

Adam Smith

(d)

Marshall

Increase in demand is caused by

(a)

Increase in tax

(b)

Higher subsidy

(c)

Increase in interest rate

(d)

decline in population

The movement on or along the given demand curve is known as ______

(a)

Extension and contraction of demand

(b)

shifts in the demand

(c)

increase and decrease in demand

(d)

all the above

In case of relatively more elastic demand the shape of the curve is

(a)

Horizontal

(b)

Vertical

(c)

Steeper

(d)

Flatter

A consumer is in equilibrium when marginal utilities from two goods are

(a)

Minimum

(b)

Inverse

(c)

Equal

(d)

Increasing

Indifference curve was first introduced by

(a)

Hicks

(b)

Allen

(c)

Keynes

(d)

Edgeworth

Elasticity of demand is equal to one indicates

(a)

Unitary Elastic Demand

(b)

Perfectly Elastic Demand

(c)

Perfectly Inelastic Demand

(d)

Relatively Elastic Demand

The locus of the points which gives same level of satisfaction is associated with

(a)

Indifference Curves

(b)

Cardinal Analysis

(c)

Law of Demand

(d)

Law of Supply

Ordinal Utility can be measured by

(a)

Ranking

(b)

Numbering

(c)

Wording

(d)

None of these

The indifference curve are

(a)

vertical

(b)

horizontal

(c)

positive sloped

(d)

Negatively sloped