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21. The concept of imperfect competition was developed by
Marshall
Jevons
Joan Robinson
Mrs. Lillian Gilbreth
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22. Consider the following (i) Pricing objective (ii) Pricing methods (iii) Pricing strategies (iv) Pricing decision Arrange them in the correct sequence
(i), (iii), (ii), (iv)
(i), (iv), (iii), (ii)
(ii), (i), (iv), (iii)
(iv), (ii), (iii), (i)
23. Assertion (A). The excess price which a man is willing to pay rather than go without the thing, over that he actually does pay is the consumer's surplus. Reason (R). The basic reason for consumer's surplus is the law of diminishing marginal utility.
Both (A) and (R) are true and (R) is the correct explanation of (A).
Both (A) and (R) are true but (R) is not the correct explanation of (A).
(A) is true but (R) is false.
(A) is false but (R) is true.
24. Assertion (A). High customer expectations lead to dissatisfaction as product performance never matches them. Reason (R). Product performance is always customer-specific.
Both (A) and (R) are correct.
Both (A) and (R) are incorrect.
(A) is correct but (R) is incorrect.
(R) is correct but (A) is incorrect.
25. Utility theory is not able to explain the reason for
Precious product
Inferior goods
Normal goods
Giffen goods
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