As a price searcher, a monopoly firm
A) must only determine the price it charges.
B) must determine its optimal price-output combination.
C) must determine its output level and then accept the market price for its product.
D) must determine the prices it pays for its inputs and accept the market price for its output.
B
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Which of the following leads to an increase in real GDP?
A) a decrease in the inflation rate in other countries relative to the inflation rate in the United States B) a decrease in interest rates C) a decrease in government spending D) Households have increasingly pessimistic expectations about future income.
The market supply curve for any product:
a. always depends on the market demand for that product. b. depends on the general income level of the consumers in the market. c. is a summation of individual firms' supply curves. d. equals the total revenue generated through sale of the commodity. e. is affected by the prices of related products.