If a monopolist raises its price
A. the quantity demanded remains the same.
B. it raises the barriers to entry.
C. the quantity demanded decreases.
D. the quantity demanded increases.
Answer: C
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Refer to Figure 18-1. Of the tax revenue collected by the government, the portion borne by producers is represented by the area
A) F + G. B) B + C. C) E + H. D) B + C + F + G.
The price elasticity of supply of a good compares:
a. the percentage change in the price of the good with the percentage change in its quantity supplied. b. the percentage change in the quantity supplied of the good with the percentage change in its price. c. the percentage change in the quantity demanded of the good with the percentage change in its supply. d. the percentage change in the quantity supplied of the good with the percentage change in its demand.