In order to maximize its profit, a single-price monopoly always produces output in the inelastic range of the demand for its product

Refer to the table above. If the market for notebooks is perfectly competitive, the equilibrium price is:

A) $2. B) $3. C) $4. D) $5.

Scarcity

A) exists in all human societies. B) is a problem for less-developed nations only. C) used to be a problem, but is not an issue for modern industrial nations. D) afflicts greedy people only.