Which of the following statements about a monopolist is FALSE?
A) A pure monopolist is the sole supplier of one product, good, or service.
B) The monopolist faces a demand curve for the entire market for that good.
C) A pure monopolist is not the same as a perfect competitor.
D) The monopolist faces the industry demand curve, which is upward sloping.
Answer: D
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Which of the following will NOT cause a shift in the supply of gasoline?
A) An increase in the wage rate of refinery workers B) A decrease in the price of gasoline C) An improvement in oil refining technology D) A decrease in the price of crude oil
Richard's indifference curve for two goods (bread and butter) is L-shaped, whereas Kate's indifference curve for the same two goods is convex. We can infer that _____
a. Kate considers bread and butter to be perfect substitutes b. Kate considers bread and butter to be perfect complements c. Richard considers bread and butter to be perfect substitutes d. Richard considers bread and butter to be perfect complements