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6 . Law of diminishlng marginal rate of substitution is associated with
A. Hicks B. Keynes
C. Slutsky D. Marshall

7 . Price effect in indifference curve analysis arises
A. When income and price change
B. When the consumer is betler off due to a change in income and price
C. When the consumer becomes either better off or worse off because price change is not compensated by income change
D. None of the above

8 . A situation where there is only one buyer is called
A. Perfect competition B. Monopsony
C. Monopoly D. Oligopoly

9 . Elasticity of demand measures the
A. Volume of product
B. Value of price and cost
C. Sensitivity of production to changes in a particular cost
D. Sensitivity of sales to changes in a particular causal factor

10 . Factors responsible for creating conditions for emergence and growth of monopoly are
A. Patents
B. Licensing
C. Control over strategic raw materials
D. All of the above




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