Which of the Following Statements Is Not Correct

question 59

Multiple Choice

Which of the following statements is not correct?

• A)A monopolist's ability to act as a price setter guarantees economic profits in the short run.
• B)The monopolist's marginal revenue is less than the price for any output greater than one.
• C)A monopolist's demand curve is the same as the market demand curve for the product.

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Definitions:

Tort

A violation of another person’s rights or a civil wrongdoing that does not arise out of a contract or statute; primary types are intentional, negligent, and strict-liability torts.

Damages

Monetary compensation awarded by a court to a person who has suffered loss or injury due to the unlawful act or omission of another.

Appeal

An appeal is a formal request for a higher court to review and change the decision of a lower court.

Federal Law

The body of law created by the federal government of a country, applicable nationwide.