Multiple Choice
If negative income effect is less than positive substitution effect : the product will be
A) a normal good
B) an inferior good
C) a giffen good
D) a complementary good
Correct Answer:
Verified
Correct Answer:
Verified
Q10: A production possibility curve is concave to
Q11: Indifference curve is always<br>A)concave to the origin<br>B)convex
Q12: "Utility or satisfaction is a subjective concept;
Q13: Inferior goods are the goods with<br>A)falling income
Q14: The basic doctrine of consumers surplus is
Q16: The deductive method is also called<br>A)abstract<br>B)analytical<br>C)priori method<br>D)all
Q17: Price effect is<br>A)income effect - substitution effect<br>B)substitution
Q18: The minimum point of ATC is at..............
Q19: Other things being equal a decrease in
Q20: According to Marshall consumer surplusis:<br>A)total utility -