Income elasticity of demand for normal goods is always
A). 1
B). Negative
C). More than 1
D). Positive
In case of monopoly
A). Marginal revenue curve always slopes upward
B). Total revenue curve always slopes upward
C). Marginal revenue is always equal to average revenue
D). Marginal revenue is always less than average revenue
Which one of the following is the condition of equilibrium for the monopolist?
A). MR=MC
B). MC=AR
C). MR=MC=Price
D). AC=AR
If the demand for a commodity is inelastic, an increase in its pice will cause the total expenditure of the consumers of the commodity to
A). Remain the same
B). Increase
C). Decrease
D). Any of the above
When price elasticity of demand for normal goods is calculated, the value is always
A). Positive
B). Negative
C). Constant
D). Greater than 1