For a nondiscriminating monopolist, which of the following is false?
a. The monopolist produces where MR = MC.
b. The monopolist's marginal revenue curve is the same as its demand curve.
c. The monopolist will never produce in the inelastic range of its demand curve.
d. A monopolist is more allocatively inefficient than a perfectly competitive firm.
e. The monopolist produces where P > MC.
B
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A relative price is
A) the number of dollars that must be given up in exchange for the good. B) also called the money price. C) not an opportunity cost. D) the ratio of one price to another price.
Producing a homogeneous product occurs in which of the following industries?
A) oligopoly, monopolistic competition, and perfect competition B) perfect competition only C) oligopoly and perfect competition D) monopolistic competition and perfect competition