Case (1):− In forward biased.
The positive half cycle of input AC voltage, the resistance of p−n junction is law. The current in the circuit is maximum. In this situation, a maximum potential difference will appear across resistance connected in series of the circuit. This result into the zero output voltage across p-n junction.
Case (2):− In reverse biased.
The negative half cycle of input AC voltage, the resistance of p−n junction becomes high which will be more than the resistance in series. That's why, there will be voltage drop across p−n junction with negative cycle in output. The output of the given circuit would like that a half- wave rectifier with negative cycle in output.