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Author Question: Explain why a monopolist has no supply curve. What will be an ideal ... (Read 94 times)

Jipu 123

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on: Jul 1, 2018
Explain why a monopolist has no supply curve.
 
  What will be an ideal response?

Question 2

All else equal, a smaller elasticity of the supply curve to the other firms leads to a ________ individual firm's residual elasticity of demand.
 
  A) less elastic
  B) unit elastic
  C) more elastic
  D) zero
Microeconomics ¦ Perloff ¦ 8th Edition
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meganmoser117

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Reply #1 on: Jul 1, 2018
Answer to Question 1

By definition, a supply curve shows the amount a firm produces in response to a given price. The monopoly sets price, and, therefore, does not respond to a given price. Alternatively, the monopoly always chooses a price, quantity combination along the demand curve.

Answer to Question 2

A


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