The more successful a seller is in inducing buyers to pay the maximum price they would be willing to pay rather than do without the good, the
A) closer will the seller's marginal revenue curve come to the demand curve.
B) greater will be the demand for the good.
C) more elastic will be the demand for the good.
D) more inelastic will be the demand for the good.
Question 2
Refer to the figure above. When the monopolist is free to set the price, ________.
A) it makes a profit of 150
B) it makes a loss of 150
C) it makes a profit of 300
D) it makes a loss of 300
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