Multiple Choice
A monopolist sets prices above the competitive price and output below the competitive output level.Some customers are willing to pay more than marginal cost,yet do not receive the product.Thus:
A) not all gains from trade are exhausted.
B) all gains from trade are exhausted.
C) it is clear that monopolists do not maximize profits.
D) it is clear that monopolists experience decreasing returns to scale.
Correct Answer:
Verified
Correct Answer:
Verified
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