An effective price ceiling imposed below the equilibrium price generally leads to which of the following? A. Black marketing B. Shortage of the commodity C. Surplus of the commodity D. Hoarding of the commodity E. Increase in the quantity legally supplied Choose the most appropriate answer from the options given below:

Which of the following is NOT valid for the ordinal school of consumer preferences?

Identify the correct equation representing the Cobb-Douglas production function:

Given below are two statements, one is labelled as Assertion (A) and the other is labelled as Reason (R). Assertion (A): The skimming price policy is adopted where close substitutes of a new product are not available. Reason (R): This policy requires fixing a lower initial price designed to penetrate the market as quickly as possible and is intended to maximize the profit in the long run. In the light of the above statements, choose the most appropriate answer from the options given below: