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Business Economics MCQ - Business Economics Section 1

26 Which of the following refers to perfect competition
(i) There are restrictions on buyers and sellers

(ii) There are no restrictions on the movement of goods

(iii) There are no restrictions on factors of production

correct one is

27 The monopolist's faces

28 Which of the following statement is true

A
In the case of inferior goods, the income effect is negative, although the substitution effect is positive.
B
In inferior goods, the income and substitution effects are positive
C
In interior goods, the income and substitution effects are negative
D
In the case of inferior goods, the income effect is positive although the substitution effect is negative.

29 The law of variable proportions is

30 Assertion (A). The total utility will be maximum when marginal utility to the price of the respective products are equal.
Reason (R). Deviation from this situation leads to a reduction in maximum utility.

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Question:

Which one of the following is not a common property of an indifference curve

A. Downward sloping
B. Convex to the origin
C. Two indifference curves can intersect each other
D. None of the above

Correct answer: C

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