When the Price of a Good Increases, Which of the Following

question 123

Multiple Choice

When the price of a good increases, which of the following happen(s) to the quantity sold for a monopoly firm?
(i) customers are forced to buy at the higher price
(ii) quantity sold will stay the same
(iii) revenue will necessarily increase
(iv) quantity sold will fall

• A)(i) and (iii)
• B)(i), (ii), and (iii)
• C)(iii) and (iv)
• D)(iv) only