Neighborhood florist shops, restaurants, and travel agencies are most likely organized as

For a monopoly, marginal revenue is less than price because

A) the demand for the firm's output is downward sloping. B) the firm has no supply curve. C) the firm can sell all of its output at any price. D) the demand for the firm's output is perfectly elastic.

Rubin's Classic Book Shop has been advised that raising prices would lead to higher revenues because his product demand is elastic. The consultant giving this advice should be fired for bad information

Indicate whether the statement is true or false