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11.

Marginal revenue is always less than price at all levels of output in:

A.	Perfect competition	B.	Monopoly
C.	Both (a) & (b)	D.	None of the above

12.

Which of the following is not a characteristic of perfect competition?

A.	Free entry and exit of the firms	B.	the demand curve of firm is horizontal
C.	The marginal revenue curve is horizontal	D.	An individual firm can influence the price

13.

When marginal revenue is zero, total revenue:

A.	Maximum	B.	Minimum
C.	Zero	D.	Decreasing

14.

Marginal revenue is always less than price at all levels of output in:

A.	Perfect competition	B.	Monopoly
C.	Both (a) & (b)	D.	None of the above

15.

Which of the following is not a characteristic of perfect competition?

A.	Free entry and exit of the firms	B.	Demand curve of a firm is horizontal
C.	The marginal revenue curve is horizontal	D.	An individual firm can influence the price