For a monopolist to sell more units of output
A. the other competing firms must sell fewer units.
B. demand must become more elastic.
C. the price must be reduced.
D. the price must be increased.
Answer: C
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Grant has $200 to spend each month on restaurant meals and jazz performances at his
neighborhood jazz club. The price of a typical restaurant meal is $20 and the price of a jazz performance ticket is $10. Grant is maximizing his utility by consuming 6 restaurant meals and attending 8 jazz performances. Suppose Grant still has $200 to spend, but the price of restaurant meal rises to $25, while the price of jazz performance ticket drops to $8. Can it be determined if Grant is better off or worse off than he was before the price change? Use a budget constraint/indifference curve graph to illustrate your answer.
Which of the following did NOT lead to the collapse of Bretton Woods?
A) ample supplies of gold B) collapse of capital controls C) the Vietnam War D) unwillingness to peg to the U.S. dollar
When the price of taking a ride in Uber increases, the demand for Lyft rides increases, ceteris paribus. Uber and Lyft are therefore
A. Elastic. B. Substitutes. C. Inelastic. D. Complements.
Electronica Inc. is a mobile phone retailer who sells smartphones to high school students at easily affordable prices. The company has one marketing strategy for the entire market of high school students and focuses all its efforts on this one segment. In this scenario, Electronica Inc. is most likely using the _____ for marketing its smartphones.
a. total-market approach b. mass market approach c. concentration approach d. multi-segment approach e. differentiated approach