A monopolist
a. can charge whatever price it wants
b. charges more than almost any consumer is willing to pay
c. is constrained by marginal cost in setting price
d. is constrained by demand in setting price
e. always earns an economic profit
D
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When the price of apples is $3 per bushel, and the quantity demanded is 1,000 bushels,
A) consumers need 1,000 bushels. B) consumers plan to purchase a total of 1,000 bushels. C) both A and B are true. D) none of the above is true.
Which of the following is necessary for a monopolist to price discriminate between groups?
A) The groups are identifiable. B) The groups have different willingness to pay. C) A customer from one group cannot resell to a customer in another group. D) All of the above conditions are necessary for the monopolist to price discriminate.
Most power in the Federal Reserve System is held by the
a. president and Congress. b. Secretary of the Treasury, who appoints the members of the Board of Governors. c. Board of Governors of the system. d. member banks of the system.
Which of the following accurately describes the supply and demand trend with HD televisions?
a. Supply decreased and demand increased. b. Supply increased and demand decreased. c. Supply and demand both increased. d. Supply and demand both decreased.