MCQ
Real Costis ……………………
- APain and sacrifice
- BSubjective concept
- CEfforts and foregoing leisure
- ✓All the above
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| a) | $e_p=\alpha$ | Horizontal demand curve |
| b) | $e_p=0$ | Vertical demand curve |
| c) | $e_p<1$ | Rectangular hyperbola |
| d) | $e_p>1$ | Flatter demand curve |
| a) | Monopsony | Single seller | |
| b) | Oligopoly | Group behaviour | |
| c) | Perfect competition | Transport cost | |
| d) | Monopolistic competition | Price discrimination | |