What can, in general, be said about a monopoly's supply curve?
a. A monopoly's supply curve, like that for a competitive firm, coincides with its marginal cost curve.
b. A profit-maximizing monopoly will operate only on the elastic portion of its supply curve.
c. The monopoly's supply curve is more inelastic than if the firm were competitive.
d. The concept of a supply curve is meaningless in the context of the monopoly problem.
d. The concept of a supply curve is meaningless in the context of the monopoly problem.
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The water and diamonds paradox of value results from
A) the concept of deadweight loss. B) the "law of demand." C) diminishing marginal utility. D) the elasticity of demand.
A monopolistically competitive firm is like a perfectly competitive firm insofar as both
A) have negatively sloping demand curves. B) can make zero economic profit in the long run. C) have horizontal MR curves. D) are protected by high barriers to entry.