Which of the following statements concerning a monopolist is FALSE?
A. A monopolist will charge the highest price at which any individual will purchase the product.
B. For a monopolist, marginal revenue is less than price.
C. A monopolist will shut down if price is less than average variable cost.
D. A monopolist will produce at which MR = MC.
Answer: A
You might also like to view...
In monopolistic competition, a firm must determine what price to set for its good because
A) the demand for its good is not perfectly elastic. B) the demand for its good is perfectly elastic. C) there are many buyers. D) there are many sellers.
In 2009, the top 1% of all income earners paid _________ percent of federal taxes.
A. 1.0 B. 4.1 C. 15.6 D. 22.3
A market which only allows only one firm to operate at lowest average cost is called a(n)
a. natural monopoly. b. scale industry. c. increasing returns industry. d. large scale industry.
The economist that gave us the proposition that "supply creates its own demand" was
a. Adam Smith b. Jean Baptiste Say c. Marc Lieberman d. John Maynard Keynes e. Robert Hall