Multiple Choice
For a single-price monopolist, why is marginal revenue less than price?
A) Because the firm is a price taker.
B) Demand is inelastic when another unit is sold.
C) Demand is elastic when another unit is sold.
D) The question is false because marginal revenue is always equal to price.
E) To sell another unit, the price must be lowered.
Correct Answer:
Verified
Correct Answer:
Verified
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