If a monopolist were to produce in the inelastic segment of its demand curve
A) total revenue would be at a maximum.
B) total revenue would be at a minimum.
C) the firm would maximize profits.
D) a further drop in the price will change quantity demanded less than proportionately.
D
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If a university cafeteria changes from selling each food item separately to offering all-you-can-eat meals for one low price, one would expect that the marginal utility of the last food item consumed in the cafeteria by the typical student would decrease since more food is now likely to be consumed by students who eat a meal in the cafeteria
a. True b. False Indicate whether the statement is true or false
If an upstream firm and a downstream firm want to establish a contract, all of the following costs can be incurred except which one?
A) search costs B) negotiation costs C) enforcement costs D) monitoring costs