Class XII

The demand curve of a monopoly firm will be:
  1. Upward sloping
  2. Downward sloping
  3. Straight line
  4. Vertical
Under which market conditions firms make only Normal profit in the long run
  1. Monopolistic Competition
  2. Monopoly
  3. Monopoly
  4. Duopoly
product differentiation becomes important due to
  1. Presence of many buyers
  2. Presence of many goods
  3. Presence of many sellers
  4. Presence of wide range of goods
The monopolist’s profit is maximized at that level of output for which
  1. MR is minimum
  2. TR is minimum
  3. TR is the maximum
  4. MR is maximum
Patent rights lead to the formation of
  1. Perfect Competition
  2. Oligopoly
  3. Monopoly
  4. Duopoly
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