A monopoly does not have a supply curve
Indicate whether the statement is true or false
True . A supply curve shows how much quantity a firm wishes to sell at any given price. First, the monopoly does not take price as given. The monopoly determines price based on the shape and position of its marginal cost curve and demand curve.
You might also like to view...
Assuming that beer is a normal good, what will happen to the demand for beer near college towns if student income increased?
a. Demand will fall because students love these beers b. Demand will fall c. Demand will rise d. Supply would rise
The economy's self-correcting mechanism always tends to push the unemployment rate back toward a specific rate of unemployment called
a. the ideal rate of unemployment. b. the natural rate of unemployment. c. the full rate of unemployment. d. the mature rate of unemployment.
Sticky wages leads to a positive relationship between the actual price level and the quantity of output supplied in
a. both the short and long run. b. the short run, but not the long run. c. the long run, but not the short run. d. neither the short nor the long run.
The following question relates to an oligopoly market where the industry demand curve is P = 100 - Q. If firm 1 is a Stackelberg leader and firm 2 is a follower, what will each firm produce?
What will be an ideal response?