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61. Which of the following is not a determinant of demand?
The income of the consumer
Prices of related goods
Price of the product itself
Elasticity of Demand
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62. If a commodity is used for multiple purposes then the demand for it is known as
Joint Demand
Composite Demand
Direct Demand
Autonomous Demand
63. The Cobb Douglas production function Q = 4 K0.6L 0.3 Exhibit.
Constant returns to scale
Increasing returns to scale
Decreasing returns to scale
None of the above
64. In an oligopoly market, the kinked demand curve explains
Collusion among rival firms
The average variable cost curve
The short-run average cost curve
The long-run average cost curve
65. The principle which states that input must be so allocated between various uses that the value added by the last unit of input is the same in all its use is called
Marginal principle
Incremental principle
Discounting principle
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