21 Utility is the quality of a commodity that satisfies a human

Want or Need

22 Why Indifference curves are convex to the origin?

Because the two goods are imperfect substitute

23 A functional relationship is a statement of how

One variable affect another variable

24 If we plot the equation Y = 20 + 3x, its slope is

3 (Three)

25  The relation between price and commodity is shown by

Law of Demand

26 In perfectly inelastic demand quantity demanded is

Unresponsive

27 If a good has more substitutes, other things keeping the same, its price elasticity of demand is

Larger

28 In case of very low elasticity of demand, it means that the commodity is

A necessity

29 In case of perfectly inelastic demand, an increase in price will result an increase in

Total revenue

30 In case of unitary elastic demand, a 25% increase in price will result how much decrease in demand?

25% decrease in quantity demanded