Question : What will be shape of demand curve:
Option 1: Straight line
Option 2: Upward sloping
Option 3: Downward sloping
Option 4: None of the above.
Correct Answer: Downward sloping
Solution : The law of demand, which asserts that there is an inverse proportionate relationship between price and demand of a commodity, causes the demand curve to normally slope downward. Hence option c is the correct answer.
Question : A perfectly elastic demand curve is:
Question : In the short run, the aggregate supply curve is:
Question : In the long run, the aggregate supply curve is:
Question : Demand elasticity at the midpoint of a straight line demand curve:
Question : The long-run Phillips curve is:
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