41-Oman National Engineering & Investment Co. (S.A.O.G) istrying to create market for its product. Which one of the followingto be incurred by the company in thissituation?Monopolistic competitionOligopolymarketPerfect competitionMonopoly market

Question 42

Choose the CORRECT statement in relation to income elasticity ofdemand:It is the rate of responsiveness of the quantitydemanded to change in priceIt is the rate of responsiveness of thequantity demanded to change in incomeNone of the given options arecorrectIt is the rate of responsiveness of the demand of oneproduct to change in price of another product

Question 43

The basic difference between individual demand curve and marketdemand curve is:Number of consumersQuantitydemandedNumber of sellersPrice of products

Question 44

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

Question 45

A large number of sellers are selling an identical productimplies to which one of the following marketstructure?MonopolyMonopolisticcompetitionOligopolyPerfect competition

Question 46

Price per tire changed from RO 40 to RO 60 and quantity demandfor vehicles changed from 7500 to 6000. What will be the crosselasticity demand?2.5-2.5-0.40.5

Question 47

The term microeconomics has been introduced by:Prof.Ragnar FrischAlfred MarshallAdam smithLeonel Robbins

Question 48

Identify the average fixed cost (AFC) if the output is 20 unitsand total fixed cost is RO 200:80602010

Question 49

In the short run when AL Mudhish Company planned to increase theoutput, which one of the following cost will alsoincrease?Total variable costTotal fixed costAveragefixed costNone of the given options are correct

Question 50

Plastic, ink, steel and fiber are demanded for the production ofa pen. This demand is known as:Composite demandDeriveddemandCross demandJoint demand