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21 . Impact of change in demand in one sector on other sectors is studied by
A. Partial equilibrium
B. General equilibrium
C. Both (a) and (b)
None of these

22 . On an indifference map, if the income consumption curve slopes downwards to the right it shows that
A. X is an inferior good
B. Y is an inferior good
C. Both X and Y are superior goods
D. Both X and Y are inferior goods

23 . Marginal cost curve cuts the average cost curve from below at
A. its lowest point
B. the right of the lowest point
C. the left of the lowest point
D. all of the above

24 . In case of monopoly, a firm in the long run can have
A. Loss B. Profit
C. Break even D. All of these

25 . Study of demand over two periods is called
A. Static B. Dynamic
C. Comparative static D. None of these