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11. If the price of any commodity decreased by 20% and the demand for that commodity increased by 40%, then elasticity of demand would be
Perfectly elastic
Perfectly inelastic
Unit elastic
Highly elastic
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12. A perfectly competitive market in the short run will be in equilibrium where
MC = AC
MC = MR
MC = Zero
None of these
13. A consumer attains equilibrium at a point on the indifference comes where
MRSxy = Px / Py
MRSxy > Px / Py
MRSxy < Px / Py
MRSxy = Px Py
14. When marginal utility is negative then total utility
Increase
Decrease
is zero
is negative
15. Under the kinked demand model, the demand curve for the firm's product is drawn on the assumption that
All rivals charge the same price which is charged by the oligopolist
All rivals charge a price independent of the price charged by the oligopolist
All rivals follow the oligopolist up to a certain price but beyond that, they do not.
All oligopolist charges the price as independent sellers.
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