For a Single-Price Monopoly

question 219

Multiple Choice

For a single-price monopoly,

• A) if marginal cost exceeds marginal revenue, profits will increase if output decreases.
• B) if marginal revenue exceeds marginal cost, profits will increase if output decreases.
• C) there are several different price and output combinations that maximize profit.
• D) marginal revenue will be greater than price if demand is elastic.
• E) marginal revenue will be greater than price if demand is inelastic.

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Definitions:

Commodified

The process by which products or services are turned into commodities available for purchase in the market, affecting cultural artifacts and human labor.

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The unequal distribution of wealth, power, and privilege across genders within a society.