A monopsony is a market situation in which there is only one seller.
Answer the following statement true (T) or false (F)
False
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Suppose a pure monopolist is charging a price of $12 and the associated marginal revenue is $9. We thus know that:
A. demand is inelastic at this price. B. the firm is maximizing profits. C. total revenue is increasing. D. total revenue is at a maximum.
The availability of health insurance tends to:
A. decrease the quantity of health care demanded and cause an underallocation of resources to the health care industry. B. increase the quantity of health care demanded and cause an underallocation of resources to the health care industry. C. increase the quantity of health care demanded and cause an overallocation of resources to the health care industry. D. decrease the quantity of health care demanded and cause an overallocation of resources to the health care industry.