Class XII

AR is more elastic in monopolistic competition than in monopoly as
  1. Many close substitutes do not exist in monopolistic competition
  2. Many close substitutes do not exist in monopolistic competition
  3. Many close substitutes exist in monopoly competition
  4. Many close substitutes exist in monopolistic competition
What happens to TR when MR is zero
  1. Decreases
  2. Increases at decreasing rate
  3. Decreases at increasing rate
  4. TR is Constant
There can be a Break- even point with AR = AC as
  1. Not always
  2. May be always
  3. No
  4. Yes
AC and AVC curves never meet each other because
  1. Their difference is AFC is always greater than AC
  2. Their difference is AFC is always greater than zero
  3. Their difference is AFC is always negative
  4. Their difference is MC is always greater than zero
Can MR be negative or zero?
  1. May be
  2. No
  3. Yes
  4. May not be
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