2. Briefly explain why the following statements are TRUE or FALSE: A monopolist produces the quantity at which MC= MR. a. b. A monopolist sets a price equal to MR. A monopolist faces a downward-sloping MR curve. C. d. A monopolist faces a perfectly elastic demand curve. A monopolist must lower price if it produces additional units. f. A monopolist is always able to price discriminate. 3. Why are barriers to entry essential for a monopoly to exist?
2. Briefly explain why the following statements are TRUE or FALSE: A monopolist produces the quantity at which MC= MR. a. b. A monopolist sets a price equal to MR. A monopolist faces a downward-sloping MR curve. C. d. A monopolist faces a perfectly elastic demand curve. A monopolist must lower price if it produces additional units. f. A monopolist is always able to price discriminate. 3. Why are barriers to entry essential for a monopoly to exist?
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter24: Price-searcher Markets With High Entry Barriers
Section: Chapter Questions
Problem 15CQ
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Can you tell me if I got any of these wrong? I know there are a lot but they are just true or false.
A. True
B. False
C. True
D. False
E. True
F. True
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2. Briefly explain why the following statements are TRUE or FALSE:
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A monopolist produces the quantity at which MC= MR.
a.
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A monopolist faces a downward-sloping MR curve.
C.
d. A monopolist faces a perfectly elastic demand curve.
A monopolist must lower price if it produces additional units.
е.
f. A monopolist is always able to price discriminate.
3. Why are barriers to entry essential for a monopoly to exist?
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