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11. The difference between monopoly equilibrium and competitive equilibrium is
The MC should rise at the point of equilibrium under perfect competition whereas under monopoly it can rise, fall or remain constant
Under perfect competition, the MC = MR whereas under monopolistic conditions this need not be the case
There is no difference at all
None of the above
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12. A monopolist charging high price operates on
The constant elastic part of a demand curve
The inelastic part of a demand curve
The elastic part of a demand curve
Ignores elasticity of demand altogether
13. When a monopolist is in
Long-run equilibrium, the mayor may not be in short-run equilibrium
Long-run equilibrium, he will also be in short-run equilibrium
Short-run equilibrium, he will also be in long-run equilibrium
14. The kinked demand curve theory explains that even when the demand conditions ........... the price .............
Change, changes
Change remains stable
Remain stable, change
Remain stable, rise
15. Under monopoly, the supply curve is absent because
There is no entry for others
The monopolist always makes a profit
Equilibrium involves MC = MR and MC<P
The monopolist controls the supply
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