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Author Question: A monopoly's output decision depends only on the shape of its marginal cost curve. Indicate ... (Read 61 times)

Mr.Thesaxman

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on: Jul 1, 2018
A monopoly's output decision depends only on the shape of its marginal cost curve.
 
  Indicate whether the statement is true or false

Question 2

How can the market demand for a product be inelastic but the demand for a particular firm is elastic?
 
  A) There is no advertising.
  B) There is a sufficiently large number of sellers.
  C) There is only one or two sellers.
  D) Buyers do not have complete information.
Microeconomics ¦ Perloff ¦ 8th Edition
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Jadwiga9

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

False. The output decision depends on the shape of its marginal costs curve and demand curve.

Answer to Question 2

B


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