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.
d
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In a competitive market the demand curve shows the ________ received by consumers and the supply curve shows the ________
A) economic surplus; opportunity cost B) utility; average cost. C) marginal benefit; marginal cost D) net benefit; net cost
In the struggle to control the power of big business which emerged between the Civil War and World War I, the nation
(a) relied heavily on the principles of government expounded by the Founding Fathers such as Thomas Jefferson. (b) slowly changed into the modern regulated economy. (c) decided ultimately that big business was here to stay and should be allowed to operate without government interference. (d) began a policy of government ownership of business in important sectors of the economy.