For a monopolist, the reason that marginal revenue is less than price is
A) because of the perfectly elastic demand curve that the monopolist faces.
B) because the monopolist must lower the price of the good in order to sell an additional unit.
C) because of the U-shaped average revenue curve.
D) because of the lack of competition in the market.
Answer: B
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The CPI for 2012 was 121, and for 2013 it was 132. What was the inflation rate between 2012 and 2013?
A) 9.09 percent B) 11 percent C) 10 percent D) 8.3 percent E) 121.0 percent
Total revenue can be defined as:
A. the total amount a firm spends on all inputs used in production. B. the amount that a firm spends on all inputs that go into making a good or service. C. the amount that a firm receives from the sale of goods and services. D. the total number of sales of a good or service by a firm.