Economics - Study Mode
[#556] Match the items of List-I with the items of List-II : List-I List-II a. Law of diminishing marginal utility 1. Cross demand b. Relationship between price of one commodity and demand for other commodity 2. Oligopoly c. Skimming the cream policy 3. Cardinal approach d. Price rigidity 4. Pioneer pricing
Correct Answer
(B) a-3, b-1, c-4, d-2
[#557] An exceptional demand curve is one that slopes-
Correct Answer
(A) upwards to the right
[#558] Slutsky theorem deals with decomposition of-
Correct Answer
(D) price effect into substitution and income effect
[#559] Which two of the following statements are true? I. A simple monopoly firm always earns super normal profit II. Sweezy's kinked demand curve model is the best known model explaining relatively more satisfactory behaviour of oligopoly firm for price rigidity III. A perfectly competitive firm is price-taker IV. Firms under monopolistic competition earn only normal profits Choose the correct option from those below
Correct Answer
(C) II and III
[#560] Monopolistic competition differs from perfect competition primarily because
Correct Answer
(B) in monopolistic competition, firms can differentiate their products