Which of the following best explains why the monopolist's marginal revenue is less than the sales price?
a. To sell more units, the monopolist must reduce price on all units sold.
b. As the monopolist expands output, the average total cost will decline.
c. The monopolist charges each consumer the highest possible price.
d. When a firm has a monopoly, consumers have no choice other than to pay the price set by the monopolist.
A
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Game theory is the study of ________
A) policy analysis B) strategic interactions C) program evaluation D) irrational decision making
In the four-part diagram used to construct the IS curve, the upper right-hand graph depicts
A) the IS curve. B) the relationship between the interest rate and autonomous planned spending. C) determination of real income by the saving function and the demand for autonomous planned spending function. D) none of the above.