Change in demand due to change in relative price alone is called:
A) Income effect
B) Substitution effect
C) Price effect
D) Ratchet effect
Correct Answer:
Verified
Q1: Commodities bought in larger quantities when income
Q2: The curve showing the quantity of a
Q4: Substitution Effect is:
A)Always negative
B)Always positive
C)Seldom negative
D)Zero
Q5: If income effect works in the same
Q6: If income effect works in the direction
Q7: Introspection is not the basis of :
A)Marshallian
Q8: The ordering of combinations on an indifference
Q9: Strong ordering is a distinguishing feature of
Q10: Father of Economics:
A)Marshall
B)David Ricardo
C)Adam Smith
D)J.M. Keynes
Q11: The Wealth of Nations is the work
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