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Identify the correct pair of items from the following Columns I and II: Column I Column II (1) Budget Line (a) Normal goods (2) Bajra (b) Inferior goods (3) Consumer equilibrium (c) Luxurious -

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Question

Identify the correct pair of items from the following Columns I and II:

Column I  Column II
(1) Budget Line (a) Normal goods
(2) Bajra (b) Inferior goods
(3) Consumer equilibrium (c) Luxurious goods
(4) Elastic Demand (d) M = Px*x + py*y

Options

  • 1 - (a)

  • 2 - (b)

  • 3 - (c)

  • 4 - (d)

MCQ
Match the Columns

Solution

2 - (b)

Explanation:

  1. Budget Line = P = Px.x + Py.y
  2. Bajra = Inferior goods
  3. Consumer equilibrium: Price ceiling
  4. Elastic Demand: Luxurious goods
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