When the percentage change in quantity demanded is less than the percentage change in price, then the demand for the commodity is said to be inelastic. Price elasticity of demand refers to the degree of responsiveness of quantity demanded to change in price.

Correct Option: B

When the percentage change in quantity demanded is less than the percentage change in price, then the demand for the commodity is said to be inelastic. Price elasticity of demand refers to the degree of responsiveness of quantity demanded to change in price.

Monopoly refers to a market in which there is only one supplier and no other firms are able to enter.

Correct Option: C

Monopoly refers to a market in which there is only one supplier and no other firms are able to enter.

Duopoly means a market in which two producers of the same good are predominantly powerful. In some theries, the term is used specifically to denote the existence of only two suppliers of a good. Competition refers to a condition in a market in which firms are attempting to increase their profits at the expense of their rivals. Oligopoly refers to a market that is dominatted by a few firms producing differentiated products. Monopoly refers to a market in which there is only one supplier and no other firms are able to enter. According to the Fair Trading Act, 1973, Monopoly is defined as any firm (or group of firms acting together) that accounts for 25 percent or more of the market output of a good or service.

Correct Option: C

Duopoly means a market in which two producers of the same good are predominantly powerful. In some theries, the term is used specifically to denote the existence of only two suppliers of a good. Competition refers to a condition in a market in which firms are attempting to increase their profits at the expense of their rivals. Oligopoly refers to a market that is dominatted by a few firms producing differentiated products. Monopoly refers to a market in which there is only one supplier and no other firms are able to enter. According to the Fair Trading Act, 1973, Monopoly is defined as any firm (or group of firms acting together) that accounts for 25 percent or more of the market output of a good or service.

‘ Demand ’ in Economics refers to the quantity of a good or service consumers ate able and willing to buy at a given price in a given market during a specified time period , other things beings equal.

Correct Option: D

‘ Demand ’ in Economics refers to the quantity of a good or service consumers ate able and willing to buy at a given price in a given market during a specified time period , other things beings equal.

Microeconomics is the branch of economics concerned with isolated parts of the economy, for example, individual people, firms or industries. It involves such topics as the theory of prices and of the firm.

Correct Option: C

Microeconomics is the branch of economics concerned with isolated parts of the economy, for example, individual people, firms or industries. It involves such topics as the theory of prices and of the firm.