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When the Price of a Good Increases, Which of the Following

Question 123

Multiple Choice

When the price of a good increases, which of the following happen(s) to the quantity sold for a monopoly firm?
(i) customers are forced to buy at the higher price
(ii) quantity sold will stay the same
(iii) revenue will necessarily increase
(iv) quantity sold will fall


A) (i) and (iii)
B) (i) , (ii) , and (iii)
C) (iii) and (iv)
D) (iv) only

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