Question
In these questions some of the sentences have errors
and some have none. Find out which part of a sentence has an error and indicate it corresponding to the appropriate letters. In urban society the social circle is limited (a) / with the family but in (b) / the villages it (c) /encompasses the entire village. (d)Solution
Replace ‘with’ by ‘to’ as ‘limited’ takes preposition ‘to’ with it.
A high value of cross-elasticity indicates that the two commodities are
Movement along a demand curve as a result of change in price is known as
Which one of the following is not the function of a managerial economist?
If the firms under perfect competition have different costs, abnormal profits can be earned in the long run only by
Information for pricing decision involves
Under perfect competition, the long-run equilibrium of the firm is established at
The statement, "The elasticity of demand may be defined as the percentage change in quantity demanded which would result from 1 percent change in price"...
Statement “Price is the amount of money and/or other item with utility needed to acquire a product" is given by
When price elasticity of demand is unity, the total expenditure:
Concept of 'Consumer's Surplus' was evolved by
