31 In case of a large positive number in cross elasticity of demand the good is believed to be
A substitute
32 In case of inelastic demand, a change in the price will change the total revenue in
The same direction
33 In case of Giffen goods price and demand are
Positively correlated
34 The elasticity of demand is greater than unity in case of
Durable goods
35 In case of durable goods the elasticity of demand is
More elastic
36 The value of price elasticity of demand for normal goods is always
Negative
37 In case of normal goods, income elasticity is always
Positive
38 What is a Demand?
A Function of Price
39 In case of inelastic demand, price and total revenue move in the
Same direction
40 What is Supply?
An Increasing Function of Price
