ECON 1100 Chapter Notes - Chapter 10: Average Variable Cost, Market Power, Marginal Revenue
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19 Nov 2019
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(TCO 3) The nondiscriminating pure monopolist must decrease price on all units of a product sold in order to sell more units. This explains why (Points : 3) |
there are barriers to entry in pure monopoly.
a monopoly has a perfectly elastic demand curve.
marginal revenue is less than average revenue.
total revenues are greater than total costs at the profit-maximizing level of output.