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In monopolistic competition, the firm take advantage due to customers:

A. Similar choices

B. Unlimited choices

C. Differential choices

D. Few choices

Correct Answer : C.


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  1. At the point where the straight line from the origin is tangent to the TC curve, AC is:
  2. Production is a function of:
  3. Demand is elastic when the coefficient of elasticity is:
  4. The law of Diminishing Marginal Utility implies that the marginal utility of a good decreases as:
  5. Scarcity means:
  6. Cross-elasticity of demand or cross-price elasticity between two perfect complements will be:
  7. By saying that monopolist create a contrived scarcity, economist mean that monopolist:
  8. The pay-off matrix shows:
  9. 7.The costs which the firms have to face in order to change the price tags of their products and services…
  10. Production indifference curve (isoquant) is a curve which shows:
  11. Efficient allocation of resources is likely to be achieved under:
  12. If the commodities X and Y are perfect complements then:
  13. A firm is a sum of persons who convert:
  14. Normally when price per unit of time falls:
  15. At a point below the middle of a straight line demand curve, elasticity of demand is:
  16. The elasticity of demand is equal to slope of demand function divided by:
  17. In short run:
  18. Stable cobweb model is a:
  19. If Cobb-Douglas production function is homogeneous of degree less than one (n
  20. In cournot model, firms face:
  21. Labor Saving Technological Progress can be defined as:
  22. If a straight line supply curve makes an intercept on the Y-axis, elasticity of supply is:
  23. An exceptional demand curve is:
  24. The MC curve cuts the AVC and ATC curves:
  25. According to current thinking, the law of diminishing returns applies to:
  26. Identify the economist who first developed the theory of income determination in its modern form:
  27. The shape of the TC curve is:
  28. A straight line, downward-sloping demand curve implies that, as price falls, the elasticity of demand:
  29. The difference between average total cost and average fixed cost shows:
  30. Loanable funds theory of Interest was developed by: