Q4 of 30 Page 1

‘Homogeneous products’ is a characteristic of: (choose a correct alternative)

Homogeneous products’ is a characteristic of ( c), both (a) and (b). In a perfectly competitive market and oligopoly market, all firms sell units of a product which are identical. Therefore, under both the forms of market the homogeneous products characteristic prevails.

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2

Suppose the total revenue is rising at a constant rate as more and more units of a commodity are sold, marginal revenue would be:

(Choose the correct alternative)


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When does ‘increase’ in demand take place?

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There is inverse relation between price and demand for the product of a firm under: (choose a correct alternative)

 6

A consumer consumes only two goods X and Y. Marginal utilities of X and Y is 5 and 4 respectively. The prices of X and Y are Rs 4 per unit and Rs 5 per unit respectively. Is the consumer in equilibrium? What will be the further reaction of the consumer? Explain.