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41. In Imperfect competition, total revenue rises at ............ up to an output level and then .......
A decreasing rate falls
A decreasing rate rises
An increasing rate falls
An increasing rate rises
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42. Under perfect competition, a firm can produce with
An optimum plant
Identical products at low cost
Maximum profit
An optimum output
43. A perfectly competitive industry becomes a monopoly with the same cost conditions, it will now sell
A larger output at a higher price
A larger output at the old price
An unchanged output at a higher price
A reduced output at a higher price
44. Which of the following is true in a perfectly competitive market?
Total revenue rises continuously at a constant rate.
The average revenue is constant at all levels of output.
Marginal revenue is constant at all levels of output.
All of the above
45. In imperfect competition marginal revenue falls at __ than the fall in average revenue.
Half the rate
Twice the rate
Same rate
None of the above
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