For a monopoly, marginal revenue for all units greater than 1 is always:
A. less than price because of the price effect.
B. more than price because of the price effect.
C. more than price because of the quantity effect.
D. less than price because of the quantity effect.
A. less than price because of the price effect.
Economics
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If the opportunity cost is constant (the PPF is a straight line), then a country will:
a. partially specialize in the production of its exported product. b. completely specialize in the production of its exported product. c. not benefit from importing goods from another country. d. benefit by raising trade barriers.
Economics
Every society faces trade-offs. Explain the concept of trade-offs
What will be an ideal response?
Economics