If a monopolist wants to increase the amount it sells, it
A) will keep the price the same.
B) must lower the price on all units.
C) must accept lower profits.
D) must lower the cost of production.
B
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In a competitive industry some firms earn positive economic profits while some earn zero economic profit in the long run because:
A) there exists free entry and exit of firms. B) the firms have different cost structures. C) the firms sell their output at different prices. D) the industry supply curve is perfectly elastic.
When money serves as a standard for comparing values of different things, it is functioning as a
A) store of value. B) hedge against inflation. C) standard of deferred payment. D) unit of accounting.
Natural gas prices in real terms have
a. increased sharply since 2008. b. closely followed the pattern of oil prices since 2008. c. risen dramatically during the past ten years. d. fallen sharply since 2008.
As a general rule, free trade:
A. decreases the demand for factors of production that are domestically abundant. B. increases demand for factors of production that are domestically abundant. C. decreases the supply of factors of production that are domestically scarce. D. increases the supply of factors of production that are domestically abundant.