1.
An inferior commodity is one which is consumed in smaller quantities when the income of consumer

2.
In long run equilibrium, the pure monopolist can make pure profits because of

3.
Positive income elasticity implies that as income rises, demand for the commodity

4.
A firm under perfect competition will be making minimum losses (in the short run) at a point where

5.
Which of the following is not a feature of perfect competition?

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