71 In case of Giffen goods, what will be the shape of demand curve?

Backward falling to the left

72 Another name of the budget line is

The consumption possibility line

73 What is the elasticity of substitution between two perfect substitutions?

Infinity

74 A consumer is in equilibrium at a point where the budget line is tangent to which curve?

An indifference curve

75 An indifference curve slopes down towards right when more of one commodity and less of the other results in the same level of

Satisfaction

76 How the Revealed Preference Theory deduces the inverse price-quantity relationship?

From observed behavior of the consumer

77 Production is a function of what?

Profits

78 How an ISO-Product curve slopes?

Downward to the right

79 What a vertical supply curve parallel to the price axis implies?

Elasticity of supply is zero

80 The supply of a commodity refers to what?

Amount of the commodity offered for sale at a particular price per unit of time