When a Monopolist Reduces the Amount of Output That It

question 167

Multiple Choice

When a monopolist reduces the amount of output that it sells, the price of its output:

• A)increases
• B)decreases
• C)stays the same
• D)may increase or decrease, depending on the elasticity of demand

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Definitions:

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A Dutch social psychologist who made a significant contribution to the understanding of cultural differences through his development of cultural dimensions theory.