Monopolists

question 353

Multiple Choice

Monopolists

• A) maximize revenue, not profits.
• B) have no short-run fixed costs.
• C) face downward sloping demand curves.
• D) are price takers.

---

Definitions:

Monopolistic Competition

A market structure where many companies sell products that are similar but not identical, allowing for competition on factors other than just price, such as branding and quality.

Economics

Social science that analyzes the choices people and governments make in allocating scarce resources.

Substitute Goods

Products or services that can serve as replacements for each other, satisfying similar customer needs or desires.

Macroeconomic Effect

Refers to the large-scale impacts on an economy, including changes in inflation, unemployment, gross domestic product, and national income.