The change in the optimal quantity of a good when its price changes and the consumer's income is adjusted so that she can just buy the bundle that she was buying before the price change is called?
Law of demand
Substitution effect
Problem of choice
Optimal choice
If a consumer's demand for a good moves in the same direction as the consumer's income, the consumer's demand for that good must be inversely related to the price of the good is called..........
Law of demand
Law of supply
Law of substitution
Law of optimal choice
In ............, the short run equilibrium results in quantity produced being lesser and prices being higher compared to perfect competition.
Monopsony
Monopoly
Oligopoly
Monopolistic Competition
Goods which are consumed together are called?
Inferior goods
Normal goods
Complementary goods
Substitute goods
