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21. Which of the following concepts is considered as a myth
Oligopoly
Perfect competition
Monopoly
Imperfect competition
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22. The consumer is in equilibrium at a point where the budget line
Is below an indifference curve
Is above an indifference curve
Is tangent to an indifference curve
Cuts an indifference curve
23. Which of the following does not influence the individual demand for a product
price of product
price of close substitute
state of production technology
Change in climatic conditions.
24. Total production will be maximum when
Marginal production is maximum
Average production is maximum
Marginal production is zero
Average production is equal to the marginal production
25. Price discrimination policy helps in increasing profit in case of
Monopolistic competition
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