Which of the Following Statements Is Are) True of a Monopoly

question 310

Multiple Choice

Which of the following statements is are) true of a monopoly? i) A monopoly has the ability to set the price of its product at whatever level it desires.
Ii) A monopoly's total revenue will always increase when it increases the price of its product.
Iii) The more a monopoly increases output, the higher the profits.

• A) i) only
• B) ii) only
• C) i) and ii) only
• D) ii) and iii) only

---

Definitions:

Lobe-Finned Fish

Jawed fish with fins supported by internal bones; for example, a coelacanth or lungfish.

Homo Habilis

An extinct species of early human that lived approximately 2.1 to 1.5 million years ago, recognized for its use of stone tools.

Stone Tools

Prehistoric tools made from stone by early humans for cutting, scraping, and other activities.

Bipedal

The ability to walk on two legs, a key characteristic that differentiates humans and some other species from most animals.