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Consumers are likely to get a variety of similar goods under:

A. Monopoly

B. Perfect competition

C. Duopoly

D. Monopolistic competition

Correct Answer : D.


A variety of similar goods means similar but differentiated goods. Goods of each firm (working under monopolistic competition) are similar in nature but different from another in appearance, quality, taste and composition .For example chocolates produced by different firms are different in quality and appearance.}

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  5. Whish of the following represents the average revenue curve of a firm?
  6. In short run:
  7. If the commodity is inferior then:
  8. The average cost curve is a geometrical illustration of:
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  10. MC is given by:
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  13. The cost of firms in cournot model are:
  14. Any expansion in output by a firm in the short period will always reduce the:
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  16. In cournot model, firms sell:
  17. Which is the first-order condition for the profit of a firm to be maximum?
  18. Under the perfect competition, the transportation cost:
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  22. If production increases under increasing returns to scale, the cost will:
  23. A monopolist will fix the equilibrium output of his product where the elasticity of his average revenue…
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  27. A straight line, downward-sloping demand curve implies that, as price falls, the elasticity of demand:
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