Reference no: EM131194493
1. The monopolist's demand curve:
a. is the industry demand curve.
b. shows a direct or positive relationship between price and quantity demanded.
c. tends to be inelastic at high prices and elastic at low prices.
d. is identical to its marginal revenue curve.
2. Under which of the following situations would a monopolist increase profits by lowering price (and increasing output):
a. if it discovered that it was producing where MC = MR
b. if it discovered that it was producing where its MC curve intersects its demand curve
c. if it discovered that it was producing where MC < MR
d. under none of the above circumstances because a monopolist would never lower price
3. Which of the following is characteristic of a monopolist's demand curve?
a. Average revenue is less than price.
b. Its elasticity is 1 at all levels of output.
c. Price and marginal revenue are equal at all levels of output.
d. It is the same as the market demand curve.
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