Assume that excessive lobbying by tea cultivators led to the announcement of a price floor higher than the equilibrium price of tea. This legislation is likely to result in a shortage of tea leaves in the market

Which of the following regarding a monopolist is INCORRECT?

A) The monopolist is a single supplier of a good or service. B) The monopolist constitutes the entire industry. C) Only expensive products are produced by monopolies. D) There are barriers to entry that allow monopoly.

If Education R Us University thought that it faced an inelastic demand for the regular academic year but an elastic demand for summer school, and it wanted to increase its total tuition revenue, it would want to____ tuition in the regular academic year and ____ tuition for summer school a. Increase; increase

b. Increase; decrease. c. Decrease; increase. d. Decrease, decrease.