Comment on the following: "A monopolist is a firm that can raise its price without experiencing a decrease in its total revenue."
What will be an ideal response?
This statement describes a firm for which demand is price inelastic. Because a profit maximizing monopolist sets its price on the elastic portion of the demand curve, this statement is false.
Economics
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If a product is a normal good, an increase in your income will
A) increase demand for the product. B) decrease demand for the product. C) increase supply of the product. D) decrease supply of the product.
Economics
The mean (average) of 5 numbers is 130. If one of the numbers is recorded incorrectly as 59 instead of 95, what would be the correct mean?
A) 126.52 B) 130 C) 137.2 D) 140
Economics