Assuming no change in product demand, a pure monopolist:

A. can increase price and increase sales simultaneously because it dominates the market.
B. adds an amount to total revenue that is equal to the price of incremental sales.
C. should produce in the range where marginal revenue is negative.
D. must lower price to increase sales.

Answer: D

Economics

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A used car was recently priced at $20,000.00. Seeing the car, Bobby thought, "It's nice, but if I have to pay more than $19,500 for this car, then I would rather do without it." After negotiations, Bobby purchased the car for $19,250.00

His consumer surplus was equal to A) $19,500.00. B) $1,750.00. C) $250.00. D) $0.00.

Economics

A market might have an upward-sloping long-run supply curve if

a. firms have different costs. b. consumers exercise market power over producers. c. all factors of production are essentially available in unlimited supply. d. the entry of new firms into the market has no effect on the cost structure of firms in the market.

Economics