Question
Which of the following represents composite
supplySolution
Composite supply is a supply of goods or services in which the principal supply is inseparable from one or more ancillary supplies. The principal supply is the supply that is essential to the nature of the composite supply. The ancillary supplies are the supplies that are naturally bundled with the principal supply and are provided in conjunction with it in the ordinary course of business. In the case of doctor's service with medicines, the doctor's service is the principal supply. The medicines are the ancillary supply. The medicines are naturally bundled with the doctor's service because they are necessary for the doctor to provide treatment to the patient.
Which of the following is/are constant along a demand curve?
(1) Income of the consumers
(2) Price of related goods
Which of the following is true for income elasticity of demand?
(1) It measures the responsiveness of quantity demanded of a good with respect...
Which of the following is true as per the law of supply?
(1) There is a negative relation between quantity supplied and price
(2) The...
A perfectly elastic demand curve is
For normal goods, the demand curve has a/an_______ slope.