What is the relationship between price elasticity of demand and the monopolist's revenue?
a. marginal revenue is maximized where demand is unit elastic.
b. average revenue is maximized where demand is unit elastic.
c. marginal revenue is negative where demand is inelastic.
d. average revenue is negative where demand is inelastic.
e. marginal revenue is lowest where demand is unit elastic.
Question 2
A natural monopoly exists when, throughout the range of market demand,
a. average cost is increasing
b. there are diseconomies of scale
c. average cost is decreasing
d. average cost is constant
e. marginal cost exceeds average cost
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