A Single-Price Monopoly

question 360

Multiple Choice

A single-price monopoly

• A) sets a single, different price for each consumer.
• B) sets a single price for all consumers.
• C) asks each consumer what single price they would be willing to pay.
• D) sets a single, different price for each of two different groups.
• E) sells each unit of its output for the single, highest price that the buyer of that unit is willing to pay.

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Definitions:

Comparative Advantage

The ability of a country or firm to produce a particular good or service at a lower opportunity cost than its competitors.

Assembling

The process of putting together parts or components to build a product or structure.

Swing Sets

Outdoor play equipment consisting of a frame from which swings are suspended, commonly found in playgrounds and backyards.

Comparative Advantage

The ability of a country or individual to produce a particular good or service at a lower opportunity cost than others.