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56. 'Kinked Demand curve approach' is concerned with
price discrimination
price flexibility
price rigidity
Dual Pricing
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57. What is the nature of Elasticity of demand for luxury items like high-class furniture
Unit elastic
Highly elastic
fairly elastic
zero elastic
58. A consumer consuming two goods will be in equilibrium when the marginal utilities from both goods are
Maximum possible positive
Equal
zero
59. All the following curves are U-shaped except
AVC curve
AFC curve
AC curve
MC curve
60. Which of the following statement is incorrect
Even monopolistic can earn a loss
Firms in a perfectly competitive market are a price taker
It is always beneficial for a firm in a perfectly competitive market to discriminate price
The kinked demand curve is related to an oligopolistic market
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