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31. Decrease or fall in the price of a commodity leads to increase in demand because of
Substitution effect i.e. Relatively cheaper than related goods
Income effect i.e. Consumer becomes better off
Both (a) & (b)
None of these
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32. Which of the following firm witnesses kinked demand curve
Monopoly firm
Oligopoly firm
Perfectly competitive firm
Duopoly firm
33. For-profit Maximization of a firm we must have (i) MC=MR (ii) Marginal cost curve cuts the average cost curve Which one is the correct statement
Only (i) is correct
Only (ii) is correct
Both incorrect
Both correct
34. Assertion (A). The utility will be maximized when the marginal unit of expenditure in each direction brings the same increment of utility." Reason (R). A consumer will try to maximize his utility.
Both (A) and (R) are true.
Both (A) and (R) are false.
(A) is true but (R) is false.
(A) is false but (R) is true.
35. Which of the following economies accrue all the firms in an industry?
Managerial Economies
Economies of Concentration
Labour Economics
Marketing Economies
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