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Under monopolistic competition, the products sold by the firms are:

A. Economic substitutes

B. Technical substitutes

C. Both a and b

D. None of the above

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  1. According to critics, the assumption of costless production is:
  2. To attain maximum profits during short-run a firm should produce the output that will:
  3. The optimal strategy for a player is termed as:
  4. The falling part of total Utility (TU) curve shows:
  5. At high prices, demand is likely to be:
  6. Total Utility (TU) curve:
  7. A market demand curve presumes that:
  8. If by doubling all inputs in the long run output is less than double, it is a case of:
  9. Contraction of demand means:
  10. If in the long run all factor inputs are increased three times and the resulting output is four times…
  11. Robbins definition of economics was criticised by:
  12. If the demand curve is horizontal then its slope is:
  13. Who finalized the model of monopolistic competition?
  14. Change in demand refers to:
  15. General equilibrium is concerned with simultaneous equilibrium of:
  16. Increasing return to scales can be explained in terms of:
  17. In economics, Externality means:
  18. The budget constraint equation of the firm is:
  19. Under the perfect competition, the transportation cost:
  20. In case of budget line, we get pairs of two goods where consumers income is:
  21. The Hicksian demand curve includes:
  22. Price-taker firms:
  23. According to Leontief technology, there:
  24. We get constant returns to scale when:
  25. The ordinal approach was presented by:
  26. A budget line shows:
  27. Moving along an indifference curve leaves the consumer:
  28. In cournot model, firms face:
  29. The short-run supply curve of the perfectly competitive firm is given by:
  30. According to current thinking, the law of diminishing returns applies to: