1 answer

*Multiplne choice*

(A) For a business that sells a product for which there are many close substitutes,

a) Demand will be relatively inelastic and market power relatively high

b) Demand will be relatively inelastic and market power relatively low

c) Demand will be relatively elastic and market power relatively high

d) Demand will be relatively elastic and market power relatively low

(B) Assume the price elasticity of demand is E = -3/2 and the marginal cost of a monopoly is MC = 10 dollars. Then, the optimal price for the monopoly is

a) 10

b) 20

c) 30

d) 50 9.

(C) The cost function of a monopoly is given by C(q) = 50q and the demand for the product of the monopoly is given by the inverse demand function p = 100 – q. What is the profit-maximizing price for the monopoly?

a) 25 dollars

b) 50 dollars

c) 75 dollars

d) 100 dollars

(D) Compared to a perfectly competitive market, in a monopoly market

a) The equilibrium price is higher and the equilibrium quantity lower

b) The equilibrium price and quantity are higher

c) The equilibrium price and quantity are lower

d) The equilibrium price is lower and the equilibrium quantity higher

1 answer
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