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36. The price which a consumer would be willing to pay for a commodity equals to his
Total utility
Marginal utility
Average utility
Does not have any relation to anyone of these
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37. In a perfectly competitive market
The firm is the price giver and the industry the price-taker
The firm is the price-taker and industry the price maker
Both are the price-takers
None of these
38. If a monopolist is producing under decreasing cost conditions, increase in demand is beneficial to the society because
Goods will be sold in many markets
Cost of production falls and hence the price
Consumers get better quality goods
None of the above answers is correct
39. When the income elasticity of demand is greater than unity, the commodity is
An inferior good
A luxury
A necessity
A non-related good
40. Marginal cost is less than the average cost when the average cost falls with
An increase in output
A decrease in output
Constant output
None of the above
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