Q3 Utility Approach is ____________.
(a) Cardinal
(b) Ordinal
(c) Both (a) and (b)
(d) None of the above
Q4 The Demand of which type of goods does not decrease with increase in their prices?
(a) Comforts Goods.
(b) Conspicuous Goods.
(c) Necessities.
(d) Both (b) and (c).
Q5 Which of the following is not essential condition of Pure Competition?
(a) Large number of Buyers and Sellers.
(b) Homogeneous Product.
(c) Freedom of entry and exit.
(d) Absence of transport cost.
Q6 If price of Sugar increases, the demand for tea will _________.
Q7 What is the effect on price, when a perfectly competitive firm tries to sell more?
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Answer:
Answer 3 is C BOTH A AND B
ANSWER 4 IS C NECESSETIES
ANSWER 5 IS ABSENCE OF TRANSPORT COST
ANSWER 6 IS DECREASE
ANSWER 7 IS I DON,T KNOW
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