Suppose a Firm Has a Monopoly on the Sale of Widgets

question 225

Multiple Choice

Suppose a firm has a monopoly on the sale of widgets and faces a downward-sloping demand curve.When selling the 100^th widget,the firm will always receive

• A) less marginal revenue on the 100^th widget than it received on the 99^th widget.
• B) more average revenue on the 100^th widget than it received on the 99^th widget.
• C) more total revenue on the 100 widgets than it received on the first 99 widgets.
• D) a lower average cost per unit at 100 units output than at 99 units of output.

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Popular

Being liked, admired, or supported by a large number of people or within a specific community or group.

Traits

Characteristic patterns of behavior, thought, or emotional experience that are relatively stable across time and situations.

Complementary

Refers to things that combine in such a way as to enhance or emphasize each other's qualities, or the use of alternative therapies alongside conventional treatments in medicine.

Proximal

Referring to something that is close in distance, time, or relationship.