Monopolies Usually Keep Their Prices at a Level That Generates

question 75

Multiple Choice

Monopolies usually keep their prices at a level that generates a reasonable, but not excessive, return primarily because

• A) they want to avoid new competitors entering their market.
• B) they want to avoid government regulations on their pricing.
• C) they try to satisfy the demands of value-conscious consumers.
• D) firms can increase market share more rapidly this way.
• E) customers will discontinue use of these products if prices rise.

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Definitions:

Inferior Good

A type of good for which demand decreases as the income of consumers increases, and vice versa.

Income Increase

A rise in the amount of money received, especially on a regular basis, through work, investments, or other sources.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded.

Supply Analysis

The examination and evaluation of the supply side of the market, focusing on factors such as production capacity, supplier behavior, and costs.