Classical

Business Economics - Business Economics Multiple Choice Questions

51:  

Monopolistic competition has features of

A.

Monopoly but not competition

B.
Monopoly and competition, with features of competition predominating
C.
Monopoly and competition with features of monopoly predominating
D.

None of the above

 
 

Option: B

Explanation :


52:  
For a competitive firm, long period normal price will
A.

Equal AC and MC of production

B.

Equal MC of production only

C.

Equal AC of production only

D.

Equal TC of production only

 
 

Option: A

Explanation :


53:  
The price which a consumer would be willing to pay for a commodity equals to his
A.

Total utility

B.

Marginal utility

C.

Average utility

D.
Does not have any relation to anyone of these
 
 

Option: D

Explanation :




Suggest an improvement