An isoquant slopes :

Elasticity of supply refers to the degree of responsiveness of supply of a good to changes in its:

A vertical supply curve parallel to Y axis implies that the elasticity of supply is:

The elasticity of substitution between two perfect substitutes is:

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

Contraction of demand is the result of

The cost of one thing in terms of the alternative given up is known as:

In the short run, when the output of a firm increases, its average fixed cost:

Which of the following cost curves is never ‘U’ shaped ?

The law of consumer surplus is based on :