The conclusion that a monopoly results in lower output and higher prices than perfect competition relies on the assumption that
A) the demand curve for a monopoly is horizontal.
B) consumers are ignorant of the effects of monopoly.
C) the costs of production are the same whether the industry is perfectly competitive or a monopoly.
D) elasticity of demand varies along the market demand curve.
C
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An elected official will:
a. tend to favor policies that wield benefits in the short run and impose costs in the long run b. tend to favor policies that impose costs in the short run and yield benefits in the long run c. both of the above d. neither of the above
When a monopolist sells two units of output its total revenue is $150. When a monopolist sells three units of output its total revenue, is $210. When the monopolist sells three units of output, the price per unit is
A. $50. B. $60. C. $70. D. $75.