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Business Economics mcq questions and answers for competitive exams

Ramya_naidu

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Business Economics mcq questions and answers for competitive exams UPSC SSC , SSC CGL, SSC CHSL, upsc Civils , Entrance exams Online test practice online free Quiz, mock practice online
181.
Monopolistic competition constitutes

a
Many firms producing differentiated product
b
Many firms producing close substitutes
c
Single firm producing close substitutes
d
None of these
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182.
Law of diminishing marginal utility is based on the assumption that

a
Tastes change over time
b
Consumption is continuous
c
Different units of goods consumed are homogeneous
d
None of these
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183.
The Law of Diminishing Returns depends on the assumption that

a
Total output is constant
b
Land is the factor kept constant
c
The state of technical knowledge is unchanged
d
Average output declines faster than marginal output
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