choose the correct answer

31\ In the monopolistic market it is observed that adifferentiated product always has:

a\ None of the given options

b\ No close substitutes

c\ Close substitutes

d\ Perfect substitutes

32\ If cross elasticity of demand is zero, which means the twogoods are:

A\ Inferior goods

B\ Independent

C\ Complementary

D\ Substitutes

33\ Al Amariah Company wants to make the production at lowestpossible cost. Which one of the following measures it must focus insuch situation?

A\ Economic efficiency

B\ Technological efficiency

C\ Market information

D\ Market information

34\When the government imposes a binding floor price on acompetitive market that is more than the equilibrium price, it isthe situation of:

A\ Surplus of good

B\ Negative market

C\ Shortage of good

D\ Neither shortage nor surplus

35\The relation between increase in tax introduced by governmentand supply of goods is:

A\ Unbalanced

B\ Positive

C\ Negative

D\ No effect

36\ The statement that is expressed in the form of hypothesis isknown as:

A\ Positive statement

B\ Negative statement

C\ Scientific statement

D\ Normative statement

37\ Identify one of the statements that DO NOT relate tosituations under which the economic efficiency occurs

I. When the production of a unit of good is considered to be atlowest cost

II. When the output cost is not considered with market price ofinputs / resources

III. When it is not possible to increase output due to limitedresources

A\ Only I& III

B\ Only II & I

C\ Only II & III

D\ None of the given options

38\ Which one of the following is NOT COSTRAINTS in achievingeconomic efficiency?

A\ Output efficiency

B\ Customer buying plan

C\ Market prices

D\ Market prices

39\ Which cost is incurred even if the company is not producingany output?

A\ Sunk cost

B\ Fixed cost

C\ Average cost

D\ Marginal cost

39\ Identify one of the following specific features TRUE forMonopoly market structure:

A\ Product produced by small firms

B\ Several close substitutes for the product

C\ None of the given option

D\ Unique product with no close substitutes