Is it possible for the total market demand for a good at the prevailing price to be inelastic while the demand facing any one seller of the good is highly elastic?
A) No, because each seller's demand is a part of the total demand.
B) No, because if this were the case the price would fall until the market demand became elastic.
C) No, because if this were the case the price would rise until the market demand became elastic.
D) Yes, and it's actually quite common.
Question 2
Refer to the figure above. What is the price at which the monopolist should sell its output?
A) 3
B) 4
C) 6
D) 9
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The original Supply and Demand graph
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Markets and Institutions Market Story Problem