Multiple Choice
Which of the following is true of a monopoly in the short run?
A) It can charge whatever price it wants.
B) It charges more than consumers are willing to pay.
C) It is constrained by marginal cost in setting price.
D) It is constrained by consumer demand in setting price.
E) It always earns an economic profit.
Correct Answer:
Verified
Correct Answer:
Verified
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