Elasticity of supply measures the responsiveness of A Demand to income B Supply to price change C Supply to income
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Chapter 3: Producer Behaviour and Supply (Set-1)
Supply in economics refers to A Stock of goods available B Quantity producers wish to sell at different prices C
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Consumer surplus refers to A Difference between total utility and total expenditure B Excess of price over willingness to pay
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Elasticity of demand measures the A Change in demand B Change in quantity demanded C Responsiveness of demand to changes
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Utility in economics refers to A Satisfaction derived from consumption B Usefulness measured in money C Market value of a
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Demand in economics refers to A Desire for a commodity B Desire backed by willingness and ability to pay C
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The concept of scarcity in economics implies that A All wants can be fulfilled B Resources exceed wants C Wants
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Economics is concerned with efficiency because it seeks to A Eliminate all inequalities B Maximize output from given resources C
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The definition of economics given by Robbins is considered superior mainly because it A Focuses only on wealth B Includes
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Economics is best defined as a social science because it primarily studies A Individual psychological behavior B Human behavior in
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