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6. Price effect in indifference curve analysis arises
When the consumer becomes either better off or worse off because price change is not compensated by income change.
When the consumer is betler off due to a change in income and price
When income and price change
None of the above
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7. A situation where there is only one buyer is called
Monopoly
Oligopoly
Monopsony
Perfect competition
8. Elasticity of demand measures the
Sensitivity of sales to changes in a particular causal factor
Sensitivity of production to changes in a particular cost
Value of price and cost
Volume of product
9. Factors responsible for creating conditions for emergence and growth of monopoly are
Control over strategic raw materials
Patents
Licensing
All of the above
10. In the case of an inferior good, the income effect
Partially offsets the substitution effect
Is equal to the substitution effect
Reinforces the substitution effect
More than offsets the substitution effect
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