Answer: Option C. -> income rise
Answer: (c)
In economics, income elasticity of demand measures the responsiveness of the demand for a good to a change in the income of the people demanding the good.
An Inferior good is a good that decreases in demand when consumer income rises, unlike normal goods, for which the opposite is observed. Normal goods are those for which consumers' demand increases when their income increases.

Answer: Option C. -> perfect competition
Answer: (c)
Perfect competition is a form of market in which there are a large number of buyers and sellers competing with each other in the purchase and sale of goods, respectively and no individual buyer or seller has any influence over the price and output.
Each firm’s output is a perfect substitute for the output of the other firms, so the demand for each firm’s output is perfectly elastic. Product differentiation holds the key in this type of market structure.

Answer: Option A. -> Overhead cost
Answer: (a)
Fixed costs are business expenses that are not dependent on the level of goods or services produced by the business.
They tend to be time-related, such as salaries or rents being paid per month and are often referred to as overhead costs.
This is in contrast to variable costs, which are volume-related (and are paid per quantity produced).

Answer: Option A. -> Only one price for identical goods at any one time.
Answer: (a)
The fundamental condition of perfect competition is that there must be a large number of sellers or firms. Homogeneous Commodity is the second fundamental condition of a perfect market. The products of all firms in the industry are homogeneous and identical.
In other words, they are perfect substitutes for one another.
There are no trademarks, patents etc. to distinguish the product of one seller from that of another. Under perfect competition, the control over price is completely eliminated because all firms produce homogeneous commodities.
This condition ensures that the same price prevails in the market for the same commodity.

Answer: Option A. -> Inputs to output
Answer: (a)
Production function specifies the output of a firm, an industry, or an entire economy for all combinations of inputs.
The relationship of output to inputs is non-monetary; that is, a production function relates physical inputs to physical outputs, and prices and costs are not reflected in the function.

Answer: Option D. -> diminishing returns
Answer: (d)
In economics, diminishing returns (also called diminishing marginal returns) is the decrease in the marginal (per-unit) output of a production process as the amount of a single factor of production is increased, while the amounts of all other factors of production stay constant.
This law plays a central role in production theory.

Answer: Option C. -> Negative
Answer: (c)
Negative income elasticity of demand is associated with inferior goods; an increase in income will lead to a fall in the demand and may lead to changes to more luxurious substitutes.
Positive income elasticity of demand is associated with normal goods; an increase in income will lead to a rise in demand.

Answer: Option D. -> Break even point
Answer: (d)In economics and cost accounting, the break-even point (BEP) is the point at which cost or expenses and revenue are equal: there is no net loss or gain, and one has "broken even.”

Answer: Option C. -> Edward Chamberlin
Answer: (c)
In treatments of monopolistic competition, Edward Chamberlin and Joan Robinson are usually credited with simultaneously and independently developing the theory of monopolistic or imperfect competition.
Chamberlin published his book ‘The Theory of Monopolistic Competition’ in 1933, the same year that Joan Robinson published her book on the same topic: ‘The Economics of Imperfect Competition,’ so these two economists can be regarded as the parents of the modern study of imperfect competition.

Answer: Option C. -> Inverse
Answer: (c)
The basic causal relationship between the price level and the value of money is that as the price level goes up, the value of money goes down.
The "value of money" refers to what a unit of money can buy whereas the "price level" refers to the average of all of the prices of goods and services in a given economy.