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An inferior good/ commodity is inferior for:

A. Every consumer

B. Most consumers

C. All consumers

D. Some consumers and not for others

Correct Answer : D.


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  1. In collusive olligopoly, the firms may make:
  2. Marginal utility is only meant for:
  3. Rotten eggs are:
  4. The shape of the TC curve is:
  5. In joint-profit maximization cartel, central agency sets the:
  6. The low cost price leader will charge:
  7. Some farm land can be used to produce either corn or soybeans. If the demand for corn increases then:
  8. Total fixed costs are:
  9. Law of Diminishing Marginal Utility is practically untrue because:
  10. In joint-profit maximization cartel, the distribution of profit is:
  11. Identify the factor, which generally keeps the price elasticity of demand for a commodity low:
  12. A firm under perfect competition has:
  13. In terms of price, the indirect utility function may be:
  14. Under pure monopoly, there will be:
  15. If the commodity is inferior then:
  16. If the price of a product falls which of the following would occur?
  17. Which of the following is not a feature of isoproduct curves?
  18. In case of perfect competition, TR curve rises at a:
  19. Micro economics is concerned with:
  20. At the point where the straight line from the origin is tangent to the TC curve, AC is:
  21. In Nash equilibrium, a player:
  22. A dominant strategy can best be described as:
  23. In long run, a firm can change:
  24. Moving down along a linear demand curve:
  25. If a monopolist is producing under decreasing cost conditions, increase in demand is beneficial to the…
  26. In the modern theory of costs, the level of production which the firm considers feasible is known as:
  27. Rational economic behavior on the part of the consumer means that he will:
  28. If the demand for good is less elastic and government levied a tax per unit of output, the price per…
  29. Inputs or Factors of production are defined as:
  30. In monopolistic competition, the real differentiation in products is due to difference in: