Law of diminishing marginal utility states
| A. |
Utility always diminishes whether something is consumed or not
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| B. |
Total utility diminishes with the consumption of every additional unit
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| C. |
Utility first increases and after that diminishes at every point
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| D. |
The additional benefit which a person derives from a given increase of his stock of a thing diminishes with every increase in stock that he already has.
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Option: D Explanation : Click on Discuss to view users comments. |
| A. | Oligopoly |
| B. | Perfect or pure competition |
| C. | Monopolistic competition |
| D. | Monopoly |
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Option: B Explanation : Click on Discuss to view users comments. |
In perfect competition, there is a process of
| A. | Restricted entry and exit of the firms |
| B. | Free entry and free exit of the firms |
| C. | Free entry but restricted exit of the firms |
| D. | Semi-free exit but absolute free entry |
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Option: B Explanation : Click on Discuss to view users comments. |
