Which of the following is not true of a pure monopoly?
a. Demand is negatively sloped
b. Marginal revenue is less than price therefore the firm should consider raising its price until marginal revenue equals demand
c. Marginal revenue is less than average revenue therefore the firm should consider adjusting its quantity until marginal revenue equals average revenue
d. It is a price taker
e. Its position is protected by significant barriers to entry
D
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When there are no vacancies, how many people serve on the Board of Governors of the Federal Reserve system?
A. 11 B. 12 C. 7 D. 5
A normal good is defined as a good for which demand increases
A. as the income of consumers increases. B. as its own price decreases. C. as the price of close substitutes decreases. D. as the total number of consumers increases.