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Business Economics - Business Economics Section 1

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21. The concept of imperfect competition was developed by

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22. Consider the following
(i) Pricing objective

(ii) Pricing methods

(iii) Pricing strategies

(iv) Pricing decision

Arrange them in the correct sequence

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23. Assertion (A). The excess price which a man is willing to pay rather than go without the thing, over that he actually does pay is the consumer's surplus.
Reason (R). The basic reason for consumer's surplus is the law of diminishing marginal utility.

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24. Assertion (A). High customer expectations lead to dissatisfaction as product performance never matches them.
Reason (R). Product performance is always customer-specific.

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25. Utility theory is not able to explain the reason for

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Business Economics Section 1