Multiple Choice
Which of the following is NOT correct about a single-price monopoly?
A) Marginal revenue is negative when demand is inelastic.
B) To maximise its profit, the firm produces so that marginal revenue equals marginal cost.
C) Maximum profit is found where demand is the most inelastic.
D) Marginal revenue is positive when demand is elastic.
E) To sell more output, the firm must lower its price.
Correct Answer:
Verified
Correct Answer:
Verified
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