Multiple Choice
A monopolist has determined that at the current level of output the price elasticity of demand is -0.15. Which of the following statements is true?
A) The firm should cut output.
B) This is typical for a monopolist; output should not be altered.
C) The firm should increase output.
D) None of the above is necessarily correct.
Correct Answer:
Verified
Correct Answer:
Verified
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