Economics - Study Mode

[#936] Match the following. List-I List-II a. Homogeneous product 1. Perfect competition b. Barriers to entry 2. Monopoly c. Differentiated product 3. Oligopoly d. Absence of close substitutes 4. Monopolistic competition
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(B) a-1, b-3, c-4, d-2

[#937] Consider two straight line demand curves NM and RS in the given figure. Select the correct statement from amongst the following.
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(A) Price elasticity of demand will be equal to 1 at point A and less than 1 at point B

[#938] What is the degree of elasticity of demand in case the demand is represented by a straight line parallel to the x-axis?
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(C) e = ∞

[#939] A rise in the price of a good causes producers to supply more of the good. This statement illustrates
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(C) The law of supply

[#940] The tax burden on the seller in the market will be the highest when the goods?
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(D) If demand is elastic but supply is inelastic