For a Monopolist

question 168

Multiple Choice

For a monopolist

• A) marginal revenue is equal to price for all units being sold.
• B) marginal revenue is less than price for all units being sold except the first unit.
• C) marginal revenue is greater than price for all units being sold except for the first unit.
• D) there is no relationship between marginal revenue and price.

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Definitions:

Legitimate Power

Power derived from a formal position or role within an organization, giving the holder authority to make decisions and demand compliance.

Coercive Power

the ability of a person to influence others' behavior by threat of punishment or actual punishment.

Expert Power

is the influence one possesses due to their skills, knowledge, or expertise in a particular area, which others recognize and value.

Distinct Source

A unique origin from which information, data, or materials are obtained.