Principles of Economics Short Guess Papers 2017 Frequently Asked Questions (2012 to 2016) Most Important Short Questions Variations 2017 Define law of demand. OR Write four assumptions of law of demand, Define micro economies. Define utity Write down the definition of Economics accolrding to Adam Smith. OR In how many parts ‘Adam Smith has divide his book wealth Of Nations. OR Write four important aspects of ‘Adam Smith's definition, What is meant by accelerator? Differentiate between Extension and Contraction of Supply. What do you mean by Arc Elasticity? Define the Equilibrium Price, State law of supply. OR Write four assumptions of Law of Supply. Define Average Revenue and write its formula, OR Why marginal revenue is equal to average revenue in situation of perfect competition. OR Why marginal revenue curve lies below the average revenue curve of a monopolist firm. OR Draw average revenue and