A. Whose quality is low B. Consumed by very poor people C. Whose consumption falls when cunsumers’ income rises ✓...
ECONOMICS
It is the degree of responsiveness of demand for one commodity as a result of a change...
“It is the degree of responsiveness of demand for goods to a change in income”. It is...
If elasticity is zero, demand curve is perfectly inelastic. If elasticity is infinite, demand curve is perfectly...
Introduction It is necessary to review or recall (repeat) the relationship between demand and price. “Demand has...
Index is a system that shows level of variable (item) especially price, cost, wages, etc so that...
It is a theory that shows direct relationship between money supply and the price level. It is...
Value of money “It is the quantity of goods and services a unit of money can buy...
It is a curve that shows various possible combinations of two goods in which a consumer is...
The law of diminishing marginal utility is based on the following consideration or assumption: “As the amount...
