Question 3. Which among the following statement is INCORRECT?
On a linear demand curve, all the five forms of elasticity can be depicted
If two demand curves are linear and intersecting each other, then, coefficient of elasticity would be same on different demand curves at the point of intersection.
If two demand curves are linear and parallel to each other, then, at a particular price, the coefficient of elasticity would be different on different demand curves.
The price elasticity of demand is expressed in terms of relaive not absolute changes in Price and Quantity demanded.
Answer: Option C. -> If two demand curves are linear and parallel to each other, then, at a particular price, the coefficient of elasticity would be different on different demand curves.
Question 4. 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
Question 10. Assume that consumer's income and the number of sellers in the market for good X both falls. Based on this information, we can conclude with certaintty that the equilibrium
