To sell one more unit of a good, a monopolist must
A) lower the price on the last unit only.
B) lower the price on all units.
C) raise the price only on the last unit sold.
D) raise the prices on all goods.
A monopolist's demand curve is
A) perfectly elastic.
B) perfectly inelastic.
C) of unit elasticity throughout.
D) the industry demand curve.
The demand curve faced by a pure monopolist
A) is the same as its marginal revenue curve.
B) is perfectly inelastic.
C) lies below the marginal revenue curve.
D) is the market demand curve.
A major difference between a monopolist and a perfectly competitive firm is that
A) the monopolist is certain to earn economic profits.
B) the monopolist's marginal revenue curve lies below its demand curve.
C) the monopolist engages in marginal cost pricing.
D) the monopolist charges the highest possible price that he can.