If demand remains constant at any changes in price of commodity then the elasticity of demand for that commodity will be....................

1. Zero
2. One
3. Between one and zero
4. Infinite

Suppose the demand and supply curve of commodity X in a perfectly competitive market are given by:

$q_d = 700 - p$

$q_s = 500 + 3p$

Assume that the market consists of identical firms. What will be the equilibrium price for this commodity?

If the price of a good increases from ₹20 to ₹25 and the quantity demanded decreases from 100 units to 80 units, calculate the price elasticity of demand.

When the percentage change in quantity demanded equals the percentage change in its price. The demand for the this good is said to be?

1. Perfectly Elastic
2. Perfectlty Inelastic
3. Unitary Elastic
4. Less Elastic

The q (1 + e_p) < 0, and hence, ΔE (expenditure) has the opposite sign as Δp (price), if ...................

Firms can choose where to locate production and workers to choose where to work. There are various immigration laws which restrict the movement of labour between countries. This market is called...

With the free entry of a new firm there will be a shift in the demand curve. How does that shift in the demand curve affect the equilibrium price?