Because a Monopolist Must Lower Its Price in Order to Sell

question 378

Multiple Choice

Because a monopolist must lower its price in order to sell another unit of output,

• A)marginal revenue is less than price.
• B)long-term economic profits will be zero.
• C)total revenue increases as price increases.
• D)average revenue is less than price.

Grasp the significance of decomposers and detritivores in nutrient cycling.

Comprehend the impact of human activities on ecosystems and biogeochemical cycles.

Interpret the critical role of bacteria in the nitrogen cycle and other biogeochemical cycles.

Understand the physical and motor skill developments in elementary-aged children.

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Definitions:

Market Segmentation

The process of dividing a broad consumer or business market into sub-groups of consumers or segments based on shared characteristics.

Process

A series of actions or steps taken in order to achieve a particular end.

Mass Customization

A strategy that combines the low costs of mass production with the flexibility of individual customization.

Build-to-order

A production approach where products are not made until an order is received, allowing for high customization and minimizing inventory costs.