When some goods or productive factors are completely fixed in amount, regardless of price, the supply curve is

Other things remaining constant, the market supply for a good increases if : 1. its price increases. 2. price of its factors of production decreases. 3. price of other goods decreases. Select the cor…

Other things remaining unchanged, market demand for a good might increase if 1. price of its substitute increases 2. price of its complement increases 3. the good is an inferior good and income of th…

Suppose there are only two normal goods in the economy, X and Y. If price of good X increases, which would be the correct statement from below?

Which one of the following is an example of a price floor?

Consider the following statements about indifference curves: 1. Indifference curves are convex to the origin. 2. Higher indifference curve represents higher level of satisfaction. 3. Two indifference…