Which of the following best explains why the monopolist's marginal revenue is less than the selling price?
a. To sell more units, the monopolist must reduce price on all units sold.
b. As the monopolist expands output, the average total cost will decline.
c. The monopolist charges each consumer the highest possible price.
d. When a firm has a monopoly, consumers have no choice other than to pay the price set by the monopolist.
a
You might also like to view...
In the above figure, a recession begins at point ________ and an expansion begins at point ________
A) a; b B) b; c C) b; a D) d; c
The real return on money is
A) 0. B) -r. C) -i. D) -R.
When accounting profits are positive, economic profits could be:
A. positive. B. negative. C. zero. D. All of these are possible.
During the Revolutionary War, the Pennsylvania legislature attempted to help the Continental Army by enacting
a. wage floors for soldiers in the army. b. bonuses for soldiers who re-enlisted. c. laws to buy food for the soldiers stationed in Pennsylvania. d. price controls on essential commodities. e. All of the above are correct.