In case the quantity of a commodity demanded changes due to change in price of the commodity, it is called

The revealed preference theory of consumer’s behaviour is not based on

The Indifference curve approach to consumer's behaviour is based on:

Normally the demand curve will have a _______________ shape.

The elasticity for the demand of durable goods is __________.

A perfectly competitive market has

If increase in the price of blue jeans leads to a decrease in the demand for Tennis shoes, then blue jeans and tennis shoes are

The law of demand states that an increase in the price of a good

If an increase in the price of a good has no impact on the total revenue in that market, demand must be

the law of supply states that an increase in the price of a good

If an increase in consumer incomes leads to a decrease in the demand for camping equipment, then camping equipment is

That the supply curve for ice cream cones is upward sloping indicates that

Which of the following shifts the demand for watches to the right?

If a fisherman must sell all of his daily catch before it spoils for whatever price he is offered, once the fish are caught the fisherman's price elasticity of supply for fresh fish is

A decrease in supply (shift to the left) will increase total revenue in that market if

Want satisfying capacity of goods and services is called_________

___________ is a quantitative combination of two goods that can be purchased by a consumer from his given market prices.

____________ is a line showing different combinations of two goods which a consumer can buy by spending his whole income at a given price of the goods.

___________ is the rate at which a consumer is willing to substitute good Y for good X.

Formula for MRS is ____________

MRS abbreviated as _________