31-Which one of the following market structure has large numberof firms that sells similar but slightly differentproducts?Monopolistic competitionMonopolyPerfectcompetitionOligopoly

Question 32

Under the rent control in short-run, the supply of and demandfor housing are relatively:ElasticMore elasticInelasticLess elastic

Question 33

The rightward shift of demand curve happens becauseof:New and better advertisement for existing productNochange in expectation regarding future change in priceRise in priceof complementary productsDecrease in income of consumers

Question 34

State monopoly is the feature of:DevelopedeconomyCapitalist economySocialist economyMixed economy

Question 35

“Economics is a science”. Which one of the following featuressupports this statement?All of the given options arecorrectExperimentsRelation between cause and effectFormations oflaws

Question 36

If cross elasticity of demand is zero, which means the two goodsare:SubstitutesIndependentInferiorgoodsComplementary

Question 37

Oman government fixes up the maximum price for Covid test(RT-PCR) as 35 OMR for all private hospitals. Such method of fixingthe price can be related to:Equilibrium price FloorpriceCeiling priceFlat price

Question 38

Which one of the following is NOT COSTRAINTS in achievingeconomic efficiency?Output efficiencyCustomer buyingplanMarket pricesMarket prices

Question 39

The equilibrium price is the point at which the wishes of buyersand sellers will be:CoincidingNeutralDisagreeingAll ofthe given options

Question 40

Which one of the following economic systems maintains thebalance between public and private sector?SocialisteconomyCapitalist economyDeveloped economyMixed economy