For the success of the penetration price policy, which one of the following is not desirable?
Statement (I): Point price elasticity of demand in terms of marginal and average revenues can be measured with the following formula:
Statement (II): The point price elasticity of demand is the product of the slope of the demand function and the ratio between corresponding price and quantity.
Which one of the following is not the basic property of indifference curves?
Which one of the following sets is incorrect to show the inter-relationships among price elasticity coefficient, change in price and change
in total revenue?
Select the correct code of the following statements being correct or incorrect.
Statement (I): The ‘law of one price’ states that in competitive markets free of transportation costs and barriers to trade, identical products sold in different countries must sell for the same price when their price is expressed in terms of the same currency.
Statement (II): An ‘Efficient market’ has no impediments to the free flow of goods and services, such as trade barriers.