1. Important Concepts in Microeconomics

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1.
If a commodity has more number of substitutes, the demand for this commodity will be _______?
2.
A monopolist will be able to maximize his profits when _________?
3.
Which of the following items is characterised by highest income elasticity of demand among others?
4.
Which among the following is an example of micro-economic variable?
5.
Which of the following says that the marginal product of a factor input initially rises with its employment level. But after reaching a certain level of employment, it starts falling?