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51. Demand curve can be derived from the law of diminishing marginal utility on which of the following assumptions? (i) Utility can be measured in quantitative terms(ii) Utility of money is constantOf these statements:
Only (i) is true
Both (i) and (ii) are true
Only (ii) is true
Neither (i) nor (ii) is true
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52. Law of diminishlng marginal rate of substitution is associated with
Marshall
Hicks
Slutsky
Keynes
53. According to the principle of diminishing marginal rate of substitution a. One commodity must be decreased while others are increased b. A commodity that is increased has higher marginal significance c. The commodity which is decreased has higher marginal significance. Of these statements:
Only a is correct
Both a and b are correct
Both a and c are correct
All are correct
54. Marginal revenue is at the quantity that generates maximum total revenue and negative beyond that point.
Zero
+2
+1
-1
55. Cartels under oligopoly do not survive for long because of
Inter firm rivalry
Low profit
High cost of marketing
Heavy loss
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