Question
Under the Consumer Protection Act, 2019, who among the
following is not a consumer?Solution
As per Section 2(7) of the Consumer Protection Act, 2019, a consumer is a person who buys goods or hires/avails services for consideration and for personal use, not for resale or commercial purpose. So, commercial buyers are excluded from the definition of "consumer", except for self-employed individuals using goods for livelihood, which is a special exception.
An economist calculated the cross-price elasticity of demand for nicknacks and gizmos and got -0.5. What can she conclude about the relationsh...
If elasticity is ‘e’, and price of the product is B, MR=?
When we say that the estimator is BLUE. What does best signify here?
The Indirect Utility function is = 12M3/27PxPy, where M is the income, P(x) is the price of commodity X and P(y) is the price of commodity Y....
Expansionary fiscal policy in the classical model will cause aggregate demand to-----potential output?
A perfectly competitive firm was given, P = 60 and TC = Q2 + 8Q + 10. Now price decreases to 54, what is the change in profit?
Consider an exchange economy with two agents, 1 and 2, and two goods, X and Y. Each agent's consumption set is in +R2. The endowments of agents 1 and 2 ...
Which of the following best describes the short-run Aggregate Supply (AS) curve in the presence of sticky wages?
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