Classical

Business Economics - Business Economics Objective Type Questions

51:  

An indifference curve is always

A.

Concave to the origin

B.

Convex to the origin

C.

A vertical straight line

D.

A horizontal straight line

 
 

Option: B

Explanation :


52:  

Monopolistic competition constitutes

A.

Single firm producing close substitutes

B.

Many firms producing close substitutes

C.
Many firms producing differentiated product
D.

None of these

 
 

Option: C

Explanation :


53:  

In the case of monopolistic competition

A.
The long-run supply curve can be defined
B.
The long-run supply curve can't be defined
C.
The short-run supply curve can't be defined
D.
The short-run supply curve can be defined
 
 

Option: C

Explanation :




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