Since a monopoly faces a downward-sloping demand curve,
a. then, as Adam Smith wrote, "the price of monopoly is upon every occasion the highest which can be got."
b. price always exceeds average revenue.
c. marginal revenue increases as output increases.
d. the monopolist is a price maker.
d
You might also like to view...
What is the conclusion that behavioral economists have made about the amount of product variety in the market place?
What will be an ideal response?
Firms use information on labor's marginal revenue product to determine
A) how much marginal product to produce at each wage rate. B) how many workers to hire at each wage rate. C) how much to produce at each output price. D) how much labor services to supply at each wage rate.
If a profit-maximizing manager is provided a forecast regression with a R2 equal to 1.00, this allows the manager to produce where ________ marginal revenue is ________ the marginal cost.
A) actual; equal to B) expected; greater than C) expected; equal to D) actual; greater than
In a closed economy, Y - C - G equals _____. The variable Y is _____, C is _____, and G is _____
Fill in the blank(s) with correct word