If a Firm Possesses Monopoly Power, It Means That

question 58

Multiple Choice

If a firm possesses monopoly power, it means that:

• A) the firm can set its own price based on its output decision.
• B) the firm's demand curve is always elastic.
• C) the firm is necessarily a monopoly.
• D) A and C are true.

---

Definitions:

BPI (Business Process Improvement)

A systematic approach to help an organization optimize its underlying processes to achieve more efficient results.

Operational Excellence

The philosophy of making continuous improvements in operations to enhance quality, efficiency, and customer satisfaction.

Mass Customization

A business strategy that combines the efficiency of mass production with the personalization aspects of custom-made goods or services.

Make-to-order

A manufacturing process in which products are created after a confirmed order is received, allowing for customization.