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Demand and Supply-Economics

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1. For luxuries, the elasticity is .................

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2. Which of the following is not the exception to the law of demand?

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3. In the long run, monopolist firm earn .................

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4. When all the firms are functioning with normal profit, ................. is said to be in equilibrium.

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5. Externalities may be:

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6. Which is the other name that is given to the average revenue curve?

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7. The price of the product depends upon :

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8. Goods for which demand rises when the price increases and demand falls when
price decreases.

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9. Kinked demand curve under oligopoly is designed to show:

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10. Total revenue falls as the price of a good increase if price elasticity of demand is

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11. ................. refers to the amount of money which a firm realizes by selling certain units of a commodity .

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12. The perfectly competitive firm can sell its output at ................. prices.

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13. Discriminating monopolist charges a higher price from the market which has a relatively ................. demand.

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14. Monopolist is a .................

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15. Which of the following are the barriers to entry?

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16. If the price for laptops increases, and relatively the demand for tablets increases then, laptops and tablets are

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17. If demand decreases and supply remains constant, equilibrium price will .................

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18. Excess supply of a commodity will cause ................. in its price.

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19. The reason for the kinked demand curve is that:

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20. ........... are defined as economic activities that have positive effect on unrelated third party.

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21. Demand for car decreases due to increase in price. It implies that car and petrol are...............

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22. In general speaking, market refers to a place but in economic terms refers to.....................

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23. Under which of the following forms of market structure does a firm has no control over the price of its product?

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24. Under law of demand

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25. What is the shape of the demand curve faced by a firm under perfect competition?

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