Which of the following statements about monopoly is not correct?

a. In order for a monopoly to persist, there must be barriers to the entry of other firms.
b. When a monopolist increases production, the quantity effect will tend to increase total revenue and the price effect will tend to decrease total revenue.
c. A monopolist can sell as much as it wants at whatever price it chooses.
d. Because a monopoly has market power, it will charge a price higher than what would prevail under conditions of perfect competition


Answer: c. A monopolist can sell as much as it wants at whatever price it chooses.

Economics

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The GDP growth rate:

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Economics