The price as well as the sale of unpackaged rice (an inferior commodity) has increased in the market. The possible reason behind this could be:

A.    A fall in the income of consumers 

B.     An increase in the wages of workers in the rice industry

C.    An increase in the relative price of wheat

D.     A technological improvement in rice production

Consider an economy producing only two goods: wheat and machinery. Which of the following statements is/are true after considering the PPF curve?

A. If the economy is at a point outside the PPC, it indicates unemployment of resources.

B. Moving from one point on the PPC to another involves opportunity cost, because producing more of one good means producing less of the other.

C. An inward shift of the PPC may result from a natural disaster destroying resources, while outward shift may come from technological progress. 

D. If the PPC is concave to the origin, the marginal opportunity cost of producing a good increases as more of it is produced.

Which of the following Statements is/are true?

A. A consumer consumes chocolate bars. After the 4th bar, total utility is at its maximum. This means that total utility will remain same after the 5th bar.

B. The Marginal utility of the 1st unit is always equal to its marginal utility.

C. The total utility first increases at a decreasing rate and then at an increasing rate before reaching the maximum point.

 D. If MUM were constant in real life, then losing ₹1,000 would cause the same pain to a millionaire as to a daily wage worker.

If demand for petrol falls (due to electric vehicles) and supply also falls (due to reduced oil extraction), then:

Which of the following will NOT shift the supply curve of smartphones?

If a durable good (say, washing machine) becomes costlier, households may postpone purchase. This makes its demand:

Which of the following reflects a “how to produce” problem?

Which of the following is NOT an example of fallacy of composition?

In the smartphone market which is a normal commodity, the price has increased, but the quantity sold has decreased. The possible reason behind this could be: