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16. A comparison of monopoly and cartel reveals that
Like a monopoly, cartel also maximizes the revenue of its members
Monopoly and cartel differ in the manner they reach their pricing decisions
Unlike monopoly, all members of cartel maximize
None of the above
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17. If a straight line demand curve is tangent to a curvilinear demand curve, the elasticity of the two demand curves at the points of tangency is
The same
Can be the same or different
Different
Depends on the location of the point of tangency
18. If the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in its price, the coefficient of price elasticity of demand is
Equal to 1
Greater than 1
Less than 1
Zero
19. Even if costs increase, the MC remains unaffected, the cost is
Total fixed cost
Fixed cost
Variable cost
Average cost
20. Clark-Wicksteed product exhaustion theorem says that
Given a linearly homogenous production function, the product is exhausted
Total product is exhausted only under laissez-faire
In long-run competitive equilibrium, the total product will be exhausted in rewarding the factors
Total product is exhausted only under conditions of monopoly
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