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16. 'Kinked' demand curve is related with
Monopoly
Discriminating monopoly
Oligopoly
Perfect competition
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17. In a typical demand schedule, quantity demanded
Varies directly with price
Varies proportionately with price
Varies inversely with price
Is independent of price
18. Which of the following is not the feature of monopolistic competition.
A fairly large number of firms
Co-existence of efficient and inefficient firms
Product homogeneity
Independent price-output policy
19. Which one of the following is not correct about the price discrimination by a monopolist, who intends to
Maximize the sales/profit
Share the consumer's surplus
Increase the welfare of the masses.
Reduce the welfare of the masses.
20. Which of the following is not a condition of successful price discrimination
Different elasticity of demand for different customer
The seller should be an MNC
Location of markets at a distinct place
Consumers ignorance and prejudice
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