If demand is price inelastic,
a. price and total revenue change in opposite directions
b. a seller should decrease the price to increase total revenue
c. too few goods are being produced from society's point of view
d. price and total revenue change in the same direction
e. the market can never be in equilibrium
D
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Which of the following is most necessary for a monopolist to survive in the long run?
A) a legal protection from entry B) a perfect product C) a brilliant Chief Operating Officer D) an excellent marketing campaign
If those accused of antitrust violations sign a consent decree, they have
a. agreed to stop doing what they are accused of doing b. admitted to guilt c. agreed to a court trial d. contested the charges against them e. charged the government with wrongdoing