The Price Elasticity of Demand for a Good Produced by a Monopolist

question 335

Multiple Choice

The price elasticity of demand for a good produced by a monopolist

• A) equals zero as long as the good has no close substitutes.
• B) is always inelastic since the demand curve slopes down.
• C) does not equal zero because there will always be some substitutes, however imperfect they may be.
• D) does not equal zero because every good has at least one good substitute for it.

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Definitions:

Alveolar Process

Part of the jawbone that contains the sockets (alveoli) for teeth.

Crista Galli

A vertical projection of the ethmoid bone in the skull, serving as the point of attachment for membranes dividing the nasal cavity.

Supraorbital Foramen

An opening or notch in the frontal bone of the skull, above the eye orbit, through which the supraorbital nerve and vessels pass.

Infraorbital Foramen

An opening located below the orbit (eye socket) on the skull through which nerves and blood vessels pass.