Production costs are likely to rise after an average-cost pricing policy is mandated because the monopolist will:
A. increase output.
B. decrease output.
C. engage in new and inventive production methods.
D. have no incentive to control costs.
Answer: D
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A perfectly competitive firm is a price taker, but a monopoly is a price maker
a. True b. False Indicate whether the statement is true or false
It is generally true that elected officials find it easier to:
A. raise taxes and cut government spending. B. cut government spending. C. cut taxes. D. raise both taxes and government spending.
An individual supply schedule
What will be an ideal response?
Television would have been considered a "new good" type of innovation because
A. consumers already regularly listened to the radio for entertainment. B. it gave companies a new source of advertising revenues. C. it enhanced the quality of life for most people in the economy. D. it had no equivalent in the past.