Figure 11-9
In Figure 11-9, how much more than the long-run competitive price will the profit-maximizing monopolist charge?
a.
$1
b.
$2
c.
$3
d.
$11
c
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For a monopolist with a downward-sloping demand curve,
a. the coefficient of price elasticity of demand is infinite. b. the coefficient of price elasticity of demand is zero. c. as price increases, marginal revenue decreases. d. as price decreases, marginal revenue decreases. e. when the price is equal to zero, marginal revenue is equal to zero.
The consumption function has a slope less than one because:
a. as disposable income increases, the real rate of interest will decline. b. saving and consumption are equal at all levels of income. c. as disposable income increases, consumption expenditures increase by an amount less than the increase in income. d. as disposable income increases, consumption expenditures increase by an amount greater than the increase in income.