Answer: Option A. -> Equality in the distribution of the income and wealth
Answer: (a)
In economics, distribution theory is the systematic attempt to account for the sharing of the national income among the owners of the factors of production—land, labour, and capital.
Traditionally, economists have studied how the costs of these factors and the size of their return—rent, wages, and profits—are fixed.
The theory of distribution involves three distinguishable sets of questions.
First, how is the national income distributed among persons?
Second, what determines the prices of the factors of production?
Third, how is the national income distributed proportionally among the factors of production?

Answer: Option B. -> Monopoly
Answer: (b)
Because the monopolist is the market's only supplier, the demand curve the monopolist faces is the market demand curve.
The market demand curve is downward sloping, reflecting the law of demand.
The fact that the monopolist faces a downward-sloping demand curve implies that the price a monopolist can expect to receive for its output will not remain constant as the monopolist increases its output.

Answer: Option A. -> Economic goods
Answer: (a)
In economics, a good is something that is intended to satisfy some wants or needs of a consumer and thus has economic utility.
An economic good is a consumable item that is useful to people but scarce in relation to its demand so that human effort is required to obtain it.
In contrast, free goods (such as air) are naturally in abundant supply and need no conscious effort to obtain them.

Answer: Option D. -> Foodgrains and other food products
Answer: (d)
Goods that are neither indestructible nor lasting are defined as Semi Durable Goods.
They fall in the category between Durable Goods and Non Durable Goods. Some common Semi Durable Goods are clothing or preserved foods; vehicles and electronic home appliances are classified as Durable Goods.

Answer: Option A. -> perfectly elastic
Answer: (a)
A perfectly competitive industry is comprised of a large number of relatively small firms that sell identical products.
Each perfectly competitive firm is so small relative to the size of the market that it has no market control, it has no ability to control the price.
In other words, it can sell any quantity of output it wants at the going market price. This translates into a horizontal or perfectly elastic demand curve.

Answer: Option C. -> final good
Answer: (c)Final goods are goods that are ultimately consumed rather than used in the production of another good. For example, a car sold to a consumer is a final good; the components such as tires sold to the car manufacturer are not; they are intermediate goods used to make the final good.

Answer: Option D. -> Perfect competition; Monopoly
Answer: (d)
There are two extreme forms of market structure: monopoly and, its opposite, perfect competition.
Perfect competition is characterized by many buyers and sellers, many products that are similar in nature and, as a result, many substitutes.
A monopoly is a market structure in which there is only one producer/ seller for a product.

Answer: Option D. -> scarcity of resources
Answer: (d)
The theory of Economic problems states that there is scarcity, or that the finite resources available are insufficient to satisfy all human wants and needs.
The problem then becomes how to determine what is to be produced and how the factors of production (such as capital and labour) are to be allocated.

Answer: Option C. -> interdependence
Answer: (c)
An oligopoly is a market form in which a market or industry is dominated by a small number of sellers (oligopolists). Because there are few sellers, each oligopolist is likely to be aware of the actions of the others. The decisions of one firm influence, and are influenced by, the decisions of other firms.
Some of its characteristics are:
Profit maximization conditions;
Number of firms;
Product differentiation;
Interdependence;
Non-Price Competition, etc.
The distinctive feature of an oligopoly is interdependence.
Oligopolies are typically composed of a few large firms. Each firm is so large that its actions affect market conditions. Therefore the competing firms will be aware of a firm’s market actions and will respond appropriately.
This means that in contemplating a market action, a firm must take into consideration the possible reactions of all competing firms and the firm’s countermoves.

Answer: Option A. -> quantity demanded and income of the consumers
Answer: (a)
Engel’s law is an observation in economics stating that as income rises, the proportion of income spent on food falls, even if actual expenditure on food rises.
In other words, the income elasticity of demand for food is between 0 and 1.
Engel’s Law doesn’t imply that food spending remains unchanged as income increases: It suggests that consumers increase their expenditures for food products (in % terms) less than their increases in income.