As the Demand for a Product Falls, It Is Not

question 30

Multiple Choice

As the demand for a product falls, it is not uncommon for the industry to become a monopoly.This is most likely due to

• A)an increase in the number of barriers.
• B)legal restrictions being imposed.
• C)the surviving firm operating on the declining part of its average cost curve.
• D)patent protection causing high prices.

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