A Firm with Monopoly Power Is Able to Set a Markup

question 123

Multiple Choice

A firm with monopoly power is able to set a markup price that is:

• A) lower than prices on similar goods sold by competitive firms.
• B) the same as the prices on similar goods sold by competitive firms.
• C) higher than prices on similar goods sold by competitive firms.
• D) the maximum price a market participant will pay for similar goods.

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