4. A monopoly’s supply curve is A. more elastic than is the supply curve of a PC industry. B. the same as the market supply curve since the monopoly is the industry. C. vertical in the short run. D. more elastic than is the supply curve of a PC industry. E. None of the above.

4. A monopoly’s supply curve is A. more elastic than is the supply curve of a PC industry. B. the same as the market supply curve since the monopoly is the industry. C. vertical in the short run. D. more elastic than is the supply curve of a PC industry. E. None of the above.

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Monopoly

Section: Chapter Questions

Problem 3CQQ

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Concept explainers

Monopoly Market

When a company and its products dominate a sector or an industry, it is termed a monopoly. When a firm and its products control a market, then it is called a monopoly.

Question

4. A monopoly’s supply curve is
A. more elastic than is the supply curve of a PC industry.
B. the same as the market supply curve since the monopoly is the industry.
C. vertical in the short run.
D. more elastic than is the supply curve of a PC industry.
E. None of the above.

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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