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Author Question: Comment on the following statement: For a monopolist, marginal revenue is always equal to price. ... (Read 46 times)

arivle123

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on: Jun 29, 2018
Comment on the following statement: For a monopolist, marginal revenue is always equal to price.
 
  What will be an ideal response?

Question 2

Refer to Table 8-18. What is real GDP in 2016, using 2011 as the base year?
 
  A) 28,885 B) 11,790 C) 11,200 D) 10,275


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carojassy25

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The statement is false. Marginal revenue is less than price for a monopolist (at every level of output except for the first unit). This is due to the fact that the demand curve facing a monopolist is downward sloping. When a monopolist increases output by one unit, he must lower the price on all units sold. This means that the increase in revenue will be less than the price of the good.

Answer to Question 2

D


arivle123

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

dreamfighter72

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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