"If and only if between any two bundles, the consumer prefers the bundle which has more of at least one of the goods and no less of the other good as compared to the other bundle". Such preferences are known as

Which of the following are correct statements?

Identify the correct statements from the following in respect to the demand of a commodity.

A. The demand function is a relation between the amount of the good and its price when other things remain same.

B. The slope of the demand curve measures the rate at which demand changes with respect to its price.

C. If the substitution effect is stronger than the income effect, then demand and price of good will have positive relation.

D. The market demand curve of a good can also be derived by adding individual demand curves vertically.

Choose the correct answer from the options given below:

Which of the following statements correctly describes the nature of indifference curve ?

(A) Indifference curve slopes downwards from left to right

(B) A lower indifference curve represents lower cost to consumer

(C) A higher indifference curve gives higher level of satisfaction

(D) Two indifference curves never intersect each other

(E) Indifference curves are always parallel to each other

Choose the correct answer from the options given below :

The optimum bundle of the consumer is located at the point where..................?

The price of a commodity increases by 10%, its demand drops by 12%. What is the nature of price elasticity of demand?

Which is an example of substitute good ?