If regardless of changes in its price, the quantity demanded of a commodity remains unchanged, then the demand curve for the commodity will be

September 27, 2022

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Q. If regardless of changes in its price, the quantity demanded of a commodity remains unchanged, then the demand curve for the commodity will be:

A. Horizontal

B. Vertical

C. Positively sloped

D. Negatively sloped

Answer: Vertical

If regardless of changes in its price, the quantity demanded of a commodity remains unchanged, then the demand curve for the commodity will be

In the case of an inferior good, the income elasticity of demand is

In the case of a Giffen good, the demand curve will be

The term ‘normal profit’ as used in the analysis of equilibrium of the firm under perfect competition, refers to

According to Joseph Schumpeter, profit is the reward for

Who argued that pure profit can arise only in a dynamic economy?

The classical theory explained interest as a reward for

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