To Maximize Profit the Monopolist Should Set A

question 18

Multiple Choice

To maximize profit the monopolist should set a:

• A)lower price in markets with less elastic demand.
• B)lower price in markets with more inelastic demand.
• C)higher price in markets with more elastic demand.
• D)higher price in markets with more inelastic demand.(True Answer )Correct

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Definitions:

William H. Seward

A prominent figure in American politics in the 19th century, known for his role as Secretary of State under Abraham Lincoln and Andrew Johnson, and for his purchase of Alaska from Russia, an act often termed "Seward's Folly."

Alaska

The largest state in the USA by area, known for its diverse terrain of open spaces, mountains, forests, and abundant wildlife, with economies based on oil, gas, fishing, and tourism.

United States

A country in North America consisting of 50 states, a federal district, five major self-governing territories, and various possessions, known for its economic and military strength.

Hawai'i's Wealth

The economic resources and benefits derived from the natural beauty, strategic location, and cultural heritage of Hawai'i, including tourism, agriculture, and strategic military importance.