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Complete the following statements.(1) Price multiplied by quantity = …………… (2) Demand for luxuries is …………… demand. (3) The life saving medicines have …………… demand. (4) A unitary elastic demand curve is a ………… (5) The demand for necessaries is ………… (6) The demand for durable goods tends to be ………… (7) Degree of responsiveness of a change in quantity demanded to a change in the income is called as …………… (8) Normal goods for which demand increases with increases in income ………… (9) Inferior goods for which demand decreases with increase in income of consumer ………… (10) Necessary goods for which demand remain constant with increase in income of the consumer ……… |
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Answer» 1. Total outlay 2. elastic 3. inelastic 4. rectangular hyperbola 5. inelastic 6. elastic 7. income elasticity 8. positive income elasticity 9. negative income elasticity 10. zero income elasticity 11. Prof. Alfred Marshall 12. inelastic |
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