111. Good 'Y' is the substitute for good 'X' if
1. A fall in the price of good X leads to the fall in the marginal utility of good Y.
2. A fall in the price of good X leads to the fall in the quantity purchased of good Y. Select the correct answer
1. A fall in the price of good X leads to the fall in the marginal utility of good Y.
2. A fall in the price of good X leads to the fall in the quantity purchased of good Y. Select the correct answer
112. Match the following.
List-I
List-II
a. Law of equi-marginal utility
1. Gossen
b. Ordinal utility
2. Hicks
c. Monopolistic competition
3. Mrs. Robinson
d. Marginal productivity theory of distribution
4. Clark
List-I | List-II |
a. Law of equi-marginal utility | 1. Gossen |
b. Ordinal utility | 2. Hicks |
c. Monopolistic competition | 3. Mrs. Robinson |
d. Marginal productivity theory of distribution | 4. Clark |
113. Match the following.
List-I
List-II
a. Trade channel discount
1. Oligopoly pricing
b. Loss leadership
2. Locational price differentials
c. Pricing being non-responsive to changes in the demand and the cost
3. Differential pricing
d. Basing point pricing
4. Product line pricing
List-I | List-II |
a. Trade channel discount | 1. Oligopoly pricing |
b. Loss leadership | 2. Locational price differentials |
c. Pricing being non-responsive to changes in the demand and the cost | 3. Differential pricing |
d. Basing point pricing | 4. Product line pricing |
114. The notion of quasi rent for first defined by
115. The monopolistic firm will be in equilibrium, where
116. Calculate elasticity of demand when a 60% increase in the price of rice causes the amount of rice you buy to fall by 120%
117. The World Bank gives long term loans to developing member countries for how many years?
118. Assume that the demand curve for a certain commodity is a downward-sloping straight line. In such case price elasticity of demand
119. A sunk cost is
120. Which one of the following is not correct about the price discrimination by a monopolist, who intends to
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