As a monopolist increases the quantity of output it sells, the price consumers are willing to pay for the good
a. is unaffected.
b. decreases.
c. increases.
d. There is not enough information given in answer the question.
b
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Which of the following is likely to have the most price inelastic demand?
a. athletic shoes b. running shoes c. Nike running shoes d. Nike Shox running shoes
A. Realizing allocative efficiency implies that productive efficiency has been realized. B. Productive efficiency can only occur if there is also allocative efficiency. C. Society can achieve either productive efficiency or allocative efficiency,
but not both simultaneously. D. Productive efficiency and allocative efficiency can only occur together; neither can occur without the other. A. increase its supply. B. increase its price. C. increase the quantity sold. D. increase its demand.