A) 1 and 2 only

B) 1 and 3 only

C) 3 and 4 only

D) 2 and 3 only

A) Right angled shape

B) Negatively sloped straight line

C) straight line parallel to the x-axis

D) straight line parallel to the y- axis 

A) An isoquant slopes downward to the origin

B) Isoquants are concave to the origin

C) Isoquants are convex to the origin

D) Isoquants cannot intersect each other

A) Scarcity of fixed factor

B) Scarcity of variable factor

C) Indivisibility for the fixed factor

D) Imperfect substitutability of factor

A) MP is maximum

B) AP is maximum

C) MP is zero

D) MP negative 

A) A P₁ B

B) A P₂ C

C) P₁ P₂ C B

B) B S C

A) OPEX

B) ODEX

C) PDE

D) None of these

A) Substitution effect+Price effect

B) Substitution effect+Income effect

C) Substitution effect+Demonstration effect

D) Substitution effect-income effect

A) The consumer real income has increased

B) Other products are now less expensive than before

C) The consumer real income has decreased

D) The product is now relatively less expensive than before

A) Partially off sets the substitution effect

B) Reinforces die substitution effect

C) Is equal to the substitution effect

D) More than off sets the substitution effect