Which of the following is NOT a type of budget deficit?
A. Fiscal deficit
B. Trade deficit
C. Primary deficit
D. Revenue deficit
Answer: Option B
Solution (By JKSSB Mock Tests)
Trade deficit is a component of the balance of payments (external sector). Revenue, fiscal and primary deficits are concepts related to the government budget.
Explanation:
Monopolistic competition is characterised by product differentiation, a large number of firms, free entry and exit, and some degree of price control by firms.
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