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Theory Of Consumer Behaviour

Question

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With a fall in price if total expenditure on a good also falls, e_D for the good will be greater than unit elastic.

Solution

False as with a fall in price if total expenditure also falls, e_D will be inelastic or less than unit elastic.

Some More Questions From Theory Of Consumer Behaviour Chapter

Why is MRS always diminishing?

When does a consumer attain equilibrium according to indifference curve approach?

Give meaning of demand.

Name two determinants of demand.

List the factors that cause changes in demand.

What is law of demand?

What is demand schedule?

Why does demand curve slope downwards?

Differentiate between substitute and complementary goods.

What is meant by one good being substitute of other?

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