Question

41-Oman National Engineering & Investment Co. (S.A.O.G) is trying to create market for its product. Which one of the following to be incurred by the company in this situation?  Monopolistic competitionOligopoly marketPerfect competitionMonopoly market

Question 42

Choose the CORRECT statement in relation to income elasticity of demand:  It is the rate of responsiveness of the quantity demanded to change in priceIt is the rate of responsiveness of the quantity demanded to change in incomeNone of the given options are correctIt is the rate of responsiveness of the demand of one product to change in price of another product

Question 43

The basic difference between individual demand curve and market demand curve is:  Number of consumersQuantity demandedNumber of sellersPrice of products

Question 44

Under which one of the following situations an equilibrium price falls?  None of the given optionsWhen supply decreases and demand remains sameWhen demand increases and supply remains sameWhen demand decreases and supply remains same

Question 45

A large number of sellers are selling an identical product implies to which one of the following market structure?  MonopolyMonopolistic competitionOligopolyPerfect competition

Answer 1

41. oligopoly market because it is a form of market where there are few big firms and a large no. of buyers of a commodity and there is cut throat competition . example: toyota , audi etc.

42. income elasticity of demand is th responsiveness of quantity demanded to change in income.

43. the basic difference between individual demand curve and market demand curve is no. of consumers. in individual demand curve, demand of each consumer has for a particular product whereas in market demand shows the comulative demand of comnsumers in market.

44.equliibirium price falls when demand decreases but supply reamins same.

45. perfect competition where products are identical in size, shape, color etc.