A profit maximizing monopoly's price is

A) the same as the price that would prevail if the industry was perfectly competitive.
B) less than the price that would prevail if the industry was perfectly competitive.
C) greater than the price that would prevail if the industry was perfectly competitive.
D) not consistently related to price that would prevail if the market was perfectly competitive.

Answer: C

Economics

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Discuss the three fundamental economic questions that all nations must address

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Assume that peanut butter and jelly are complementary goods. A decrease in the number of peanut butter suppliers will cause the:

a. demand for peanut butter to increase. b. supply of peanut butter to increase. c. demand for jelly to increase. d. demand for jelly to decrease. e. supply of jelly to decrease.

Economics