For a single-price monopolist, why is marginal revenue less than price?
A) Because the firm is a price taker.
B) To sell another unit, the price must be lowered.
C) Demand is elastic when another unit is sold.
D) Demand is inelastic when another unit is sold.
E) The question is false because marginal revenue is always equal to price.
B
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If the economy produces 12 capital goods and 40 consumer goods,
J-curve effects following a devaluation are simply a theoretical issue with no real world importance
Indicate whether the statement is true or false
Currency consists of
A) only coins minted by the U.S. Treasury. B) only Federal Reserve notes. C) coins minted by the U.S. Treasury and Federal Reserve notes. D) coins, Federal Reserve Notes and traveler's checks.
Which of the following corresponds to the definition of the supply curve?
a. It depicts a positive relationship between income and quantity supplied b. It depicts a positive relationship between technology and prices c. It depicts a positive relationship between prices and quantity supplied d. It depicts a negative relationship between prices and quantity supplied e. It depicts a proportional relationship between prices and quantity supplied