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Model Paper 4 — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsModel Paper 41 Mark
MCQ
AR curve is more elastic under monopolistic competition than under monopoly due to:
  • ✓
    availability of close substitutes
  • B
    high degree of government control
  • C
    low degree of government control
  • D
    lack of close substitutes
✓

Answer

Correct option: A.
availability of close substitutes
(a) availability of close substitutes
Explanation: Demand for goods which have close substitute is relatively more elastic. When the price of such good rises, the consumers have the option of shifting to its substitute.

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