What happens to a monopoly's revenue when it sells more units of its product?
What will be an ideal response?
The monopolist must lower its price to sell more. Two things happen when a monopolist lowers its price. First, revenue will tend to rise as the monopolist sells more units and second, revenue tend to fall because less revenue is received from each unit than the amount received at the higher price. The total effect on total revenue could be an increase, a decrease, or no change in total revenue.
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The labor force is defined as the number of
A) people who are working. B) union members who are working. C) people who are working in labor-type jobs. D) employed plus the number of unemployed.
In the above, which figure(s) show(s) a relationship between the variables that is always negative?
A) Figure A only B) Figure D only C) Figures A and C D) Figures A, C, and D E) Figure B only