Question 10 (1 point) Question 10 Unsaved The demand curve faced by the monopoli

Question

Question 10 (1 point)
Question 10 Unsaved
The demand curve faced by the monopolist:
Question 10 options:

has lower price elasticity of demand as close substitutes for the monopoly product are
developed.

has greater price elasticity of demand as close substitutes for the monopoly product are
developed.

is always inelastic where MR = Me and profits are maximized.

none of the above.


Question 11 (1 point)
Question 11 Unsaved
Why is there a social cost of monopoly?
Question 11 options:

The firm produces too much of the good.

The firm does not equate marginal cost to marginal revenue.

Too many resources are being used in a monopoly.

Too few resources are being used in a monopoly.


Question 12 (1 point)
Question 12 Unsaved
The demand curve of the monopolist:
Question 12 options:

is the same as the industry demand curve.

is perfectly elastic.

is perfectly inelastic.

is the same as a price-taking firm.

Explanation / Answer

has greater price elasticity of demand as close substitutes for the monopoly product are developed.

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